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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

Sunday, July 1, 2012

Transaction Rules for Goldman Sachs and Others

Gary Gensler (formerly of Goldman Sachs), chairman of the CFTC, has made some progress towards regulating financial transactions abroad in order to increade transparency and reduce risks.  Silla Brush of Bloomberg explains:

CFTC Skips 'Intergalactic' Power in Dodd-Frank Guidance
By Silla Brush - Bloomberg

JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and other banks won greater ability to fall under foreign regulations when they trade swaps overseas under guidance proposed for the Dodd-Frank Act’s international reach.

Commodity Futures Trading Commission members, in a private vote, unanimously approved proposing interpretive guidance allowing for so-called substituted compliance for branches, subsidiaries and other overseas affiliates of U.S. banks when foreign jurisdictions have comparable rules. Banks have spent two years lobbying against efforts to automatically apply Dodd- Frank to their overseas operations, saying doing so would hurt their ability to compete. 

Read all of the article here


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