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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

Saturday, July 14, 2012

Is Goldman Sachs Just a Hedge Fund?

One can look at Goldman Sachs and realize that their fraud is a "Pious Fraud:  a deception practised for the furtherancee of what is considered a good object" (Oxford English Dictionary).  And the good object is--the advancement of profits to the banking executives!  Goldman has a list of its own 10 Commandments (here), but more to the point of "doing God's Work" are the last three Biblical commandments.  If these were followed, we would not need a better justice system, better politicians or better regulations.
Goldman's fall from grace continues
By Stephen Gandel - CNN Money

Eventually, though, the firm might not have a choice. To McLean's point, the answer for Goldman might be that in a post-Dodd-Frank world, with all the restrictions on trading, Goldman, in its current form as a large global bank, might not have a lot of room for growth. Perhaps the firm should think about giving up its banking business, and fully morphing into the hedge fund that most have assumed it was all along. It least that way Goldman's lack of transparency would be more transparent.

Read the entire article here 


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