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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, May 23, 2012

Goldman Sachs: Is This the New PR You Were Touting?

So Goldman Sachs has already forgotten that in order to create a new public image GS will have to actually act as though it has changed its old fraudulent ways.

Kurt Nimmo of Infowars thinks that the Facebook IPO was designed to enrich its big clients such as Goldman Sachs and that the SEC should be investigating the IPO.  Besides which Nimmo believes Facebook is a "data-mining" tool where users of FB readily reveal large amounts of information about themselves and others to be used by--whomever.

Henry Blogget of Business Insider has his own take on what happened to cause Facebook's value to tumble.  He says "selective disclosure" unfairly guaranteed large clients had information that small investors did not.

In any case, Morgan Stanley, Goldman Sachs and JP Morgan are being sued by investors who claim "they were misled in the purchase of the social network firm's stock."  What a lot of misleading we hear about when Fraud should be the word.

Goldman Sachs raised $1.09 billion selling stock in Facebook's IPO and, immediately after the IPO, it cashed out some of its holdings making $235 million.

So what happened to Goldman's attempt to improve its reputation?  Nothing!
Facebook IPO:  CIA and Goldman Sachs Take the Suckers for a Stroll
By Kurt Nimmo - 

The fact Morgan Stanley was the lead banker on the Facebook IPO should have set off alarm bells for investors in the NASDAQ casino. The deal had SUCKER’S BET spray-painted all over it. But like the infamous dot-com bubble and any other number of pump and dump schemes rolled out by the banksters, the Facebook IPO was designed to enrich a small number of insiders like Goldman Sachs and take the clueless horde on the outside to the cleaners.

Even cynical observers are willing to give the trendy stock time to “perform” when it is obvious the Facebook “offering” is simply more toxic waste proffered by people who specialize in multi-billion dollar scams and snake oil tours.

“Maybe I am a grouch,” writes the New Yorker’s John Cassidy. “But it all sounds suspiciously like an inside job, in which the last ones in, the ordinary investors, are the saps. At the very least, this entire issue is something that the authorities – the S.E.C., but also the Nasdaq and other stock exchanges – should be looking at closely.”
Read the entire article here 


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