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Fraud*
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

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Monday, August 6, 2012

Goldman Sachs With Its Same Old Story

Here is a followup on claims against Goldman Sachs by a Dutch pension fund, Vervoer:

Fresh claims in Goldman negligence case
By William Hutchings - Financial News

Goldman Sachs Asset Management has been accused of causing a pension scheme client’s money to be invested in sub-prime mortgage-backed securities in mid-2007 even though it knew, at the same time, that Goldman Sachs’ proprietary trading desk was short selling MBS “on a very large scale in order to profit from falling prices”.

The allegation is made in a claim form lodged with the UK’s High Court by Vervoer, an €11bn Dutch pension fund that is suing GSAM for €250m for negligence. GSAM is contesting the suit. The claim was lodged with the court last month, and was placed in the public domain by the court last week and obtained by Financial News.
The claim form details a period between 2006 and 2010 when GSAM was acting as Vervoer’s fiduciary investment manager, with responsibility for allocating Vervoer’s funds among asset managers that GSAM selected and appointed. 

Read the whole story here 

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