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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

Tuesday, June 12, 2012

Goldman Sachs Sells Its Hedge Fund

In its attempts to comply with new financial regulations, Goldman Sachs is selling its $200 billion hedge fund to State Street.  Apparently hedge funds are no longer self-administered and, thereby, Goldman will be able to eliminate one source of conflict of interest when they play both broker and administrator.

It would be excellent to bring back Glass-Steagall and persuade Goldman to leave the commercial bank business and go back to its former partnership status.  Perhaps investors such as pension funds have decided some hedge funds are not worth investing in.
Investors In Hedge Funds Are Starting To Head For The Exits
By Nathan Vardi - Forbes

There are signs that investors are becoming increasingly impatient with hedge funds and that 2012 will be an important year for this very rich $2 trillion industry.

Investors pulled $5.1 billion from hedge funds in April, according to BarclayHedge and TrimTabs Investment Research, and more than $12.7 billion flowed out of the hedge fund industry between May 2011 and April 2012. There were net outflows in 6 of those 12 months.
Read the rest of the article here 





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Posted by Joyce

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