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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

Monday, September 3, 2012

What is Goldman Sachs To Do?

What is a bank to do when its profit margin is declining, its financial leverage is high, its return on equity is low and its share of revenues is in decline (here)?  Speculate in food.

Barclays bank made nearly $800 million speculating on food
By Chris in Paris - Americablog
When central bankers talk about more quantitative easing to help spur markets, remember this. While millions around the world go hungry or pay more for food, the bankers are cashing on enormously on the crisis. Barclays is being named here but don't forget that both Goldman Sachs and Morgan Stanley also operate in this space.
There used to be rules against profiting from items like food but that became old fashioned and required modernization by the political class. If they can't make a single case out of losing trillions of dollars during the banking crisis, it's obvious at this point that the political class won't be interested in reforming this revolting business.
Read the whole article here


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