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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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Friday, September 7, 2012

On the Docket With "Prestigious" Goldman Sachs

The English language is a wonderful thing.  Sometimes words over time become exactly the opposite of their original meaning(s).  Take, for example, the word "prestigious."   Its rare and archaic meaning: "of, relating to or marked by illusion, conjuring or trickery." 

Recently, Goldman Sachs (and by extension, Lloyd Blankfein himself) was selected as "the most prestigious bank in North America."  Did the award meister know that prestigious carries a (rare) secondary meaning of "characterized by or using deceit, cunning or illusion, fraudulent?"

The article called Goldman "the top player" and we should add the top player in selling toxic securities that tricked investors;  "an Old Master" in successfully deceiving clients; "platinum rated in financial services" for conjuring up its magical profits; "the crème de la crème" of giving itself outrageous bonuses and salaries based on fraudulent profit; and "still the best" at fraudulent behavior with the illusion of never doing wrong.

So we continue to list the newest lawsuits that face Goldman Sachs which defines the prestige that Goldman Sachs really conjures up:

--Lawsuit by BayernLB over mortgage  bond losses;
--Reinstated Lawsuit by NECA-IBEW Health and Welfare Fund over securities of residential mortgage securities;
--Lawsuit by IKB Deutsche Industrielbank AG (IKB) over misrepresentation of securities sold;
--Lawsuit by HSH Nordbank AG for residential mortgage-backed securities.


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