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Fraud*
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

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Sunday, May 27, 2012

TBTF and Goldman Sachs's Investment in Energy

When banks are as large as Goldman Sachs is (in its present TBTF state), we find that not only is Goldman guaranteed support from the taxpayer if it makes stupid mistakes that could lead to a financial crisis but also that Goldman with its billions in revenue and profits can count on having a major say in how energy is managed now and in the future, always with profits as its main concern.

Goldman is interested in buying into oil (see here) so that it can gain some control over oil production and/or sales (and of course make a profit).  It would be better to break up Goldman who now seeks to buy chunks of a Swedish oil firm.

Then to make sure it gains some influence over alternative energy sources, Goldman is investing $40 billion over 10 years in "solar, wind, hydro and biofuels" (see here).  There may not be anything sinister about Goldman's interest in energy but what is dangerous is the power that one bank can exert in determining future energy sources.  It's Goldman's disproportional size and consequent financial influence that makes its stake in future energy a real concern.

See the articles here and here


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