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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

Thursday, June 28, 2012

The Jiggery-Pokery of Goldman Sachs

At last, a federal judge has called Goldman Sachs out!  Goldman's terms for honesty, integrity and fair dealing really mean their opposite.  Goldman finally recognizes its own puffery.  It is too bad that these words no longer bear any resemblance to those actions that Goldman undertakes to enrich itself at others' expense.

Goldman Sachs claims its "Expressions of puffery and corporate optimism do not give rise to securities violations."  If we cannot rely on words to convey real meanings, if real words are just so much puffery, then the world is a worthless place in which to live. 

Goldman's "mistakes" are not mistakes but "intentions."  Intentions should send the executives to jail under Sarbanes-Oxley.  The world of George Orwell is being transubstantiated into Goldman Sachs who has finally prepared us to enter the new political/financial state  where:

Love is Hate;
Lies are Truths;
War is Peace;
and Plenty is Famine.

We are truly doomed!

Class Action to Teach Goldman Sachs Integrity
By Adam Klasfeld - Courthouse News Service

  MANHATTAN (CN) - Goldman Sachs cannot wiggle out of class action securities fraud claims by arguing that public statements that it valued "honesty," "integrity" and "fair dealing" were "puffery," not promises, a federal judge ruled.

     "Goldman's arguments in this respect are Orwellian," U.S. District Judge Paul Crotty wrote in a footnote to his 27-page order. "Words such as 'honesty,' 'integrity,' and 'fair dealing' apparently do not mean what they say; they do not set standards; they are mere shibboleths. If Goldman's claim of 'honesty' and 'integrity' are simply puffery, the world of finance may be in more trouble than we recognize."

     On April 26, 2010, shareholder Ilene Richman filed a class action against Goldman Sachs, in the wake of the bank's infamous Abacus investment.

Read the entire document here 


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