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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, July 19, 2012

Trust Goldman Sachs, If You Dare!

While reading the following article. I spewed coffee all over my keyboard.  Here is Blankfein "teaching" us about how financial scandals undermine trust.  He treats his audience with great contempt by ignoring that his bank has committed numerous frauds, been fined many, many times, is being sued for fraud on an ongoing basis and still continues to operate as though it were an honest enterprise.  He is talking about how others undermine trust while at the same time ignoring his own part in undermining that same trust.  Such hubris!

Sorry, Lloyd, but your business is not so much mysterious as it is predatory.

Just read about three years' worth of daily postings on this blog and you will really know how Goldman Sachs undermined and undermines trust in the financial system on a regular basis. 

Goldman Sachs's Blankfein Says Libor Scandal Undermines Trust
By Christine Harper - Bloomberg Businessweek
. . . .

Goldman Sachs has learned it has to make more of an effort to help the public understand its business, Blankfein said. When Rubenstein asked if he has any aspiration to go into government like many of his predecessors, Blankfein quipped: “I have aspirations to be desired.”

He said he wants his legacy at Goldman Sachs to be about leading the firm through strong years as well as in the aftermath of the 2008 financial crisis.

Blankfein wants to “make sure that we prove ourselves resilient and come out as a firm stronger on the other side financially and in terms of the contributions we make and frankly with an enhanced reputation with the general public,” he said. 

The article is found here 


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