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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

Wednesday, July 11, 2012

Oakland Severs Its Relationhip With Goldman Sachs

Were Libor rates fixed to the advantage of Goldman Sachs in their interest rate swaps deal with Oakland?  Maybe in the future we will know.

In the meantime, Oakland City Council voted unanimously to end their relationship with Goldmans over a deal that now costs them $4 million annually.

City of Oakland Taps Occupy Wall Street To Take On Goldman Sachs
By Halah Touryalai - Forbes
. . . .

Critics say if banks are manipulating Libor rates lower, [sic] then they themselves are borrowing money for less while their counterparties in interest rate swap contracts are stuck paying them much higher rates.

. . . .

Read the article here 


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