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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

Tuesday, July 17, 2012

Goldman Sachs's Private Bank: Only for The Wealthy

Goldman Sachs is selling its hedge fund and building a private bank for deposits of the Wealthy.  Goldman started to take deposits after it became a bank holding company in 2008.  It hopes to have $100 billion in loans.

Goldman's revenue has been declining recently and its net income was reduced by 11%  in the second quarter.  Deposit funding is more stable because of the FDIC guarantee.   There is something terribly wrong with a bank catering only to the Wealthy 1%.

Is The Wall Street Casino Closing?
By Cullen Roche - Pragmatic Capitalism (Business Insider)

. . . .
There was a time when banking was a relatively simple business, but what these companies have morphed into has made the business infinitely more complex and an increasing risk to the financial system.  I’m certainly not against private banking, but I am skeptical of this idea that it’s good for the health of our banking system (really our payments system) to be so directly tied to these companies who now derive so much of their income from gambling related business streams.  Of course, I don’t have an issue with gambling (I love a trip to Vegas as much as the next guy), but when we’re threatening the stability of the entire payments system just so these companies can expand the bottom line and increase shareholder value then you have to start wondering if something isn’t wrong with the system.  I won’t say that this move by Goldman is a sign that we’re moving in the right direction, but one can hope….

Read more here


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