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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, October 21, 2012

Goldman Sachs Faces Another Lawsuit

Goldman Sachs may be gearing up to debunk Greg Smith's critical book about his experiences at Goldman but, nevertheless, he has some truths to say about how Goldman works.  The one very noticeable attribute for both the protagonist and the antagonist is that each of their analyses of success/failure revolves around money--money accrued and money spent.  It's always about the money.

So let us move on to the latest thing we know that Goldman has going against it--another lawsuit.

The suit involves $1.07 billion against Goldman's Timberwolf securities filed by Basis Capital, a hedge fund:
Goldman loses bid to end lawsuit by hedge fund over CDO
By Karen Freifeld - Reuters
. . . .
We're very pleased the court agrees with us that Goldman needs to answer for its conduct," said Washington, D.C., attorney Bruce Grace, a partner in Lewis Baach, who represents the fund.

Goldman's CDO practices have drawn regulatory scrutiny. In April 2010, Goldman agreed to pay $550 million to settle U.S. Securities and Exchange Commission charges that it sold the risky Abacus 2007-AC1 CDO while letting hedge fund billionaire John Paulson bet against it. The bank did not admit wrongdoing.

Basis Yield Alpha Fund is seeking to recoup $67 million of losses plus $1 billion of punitive damages from transactions known as Timberlake [sic] and Point Pleasant. Basis Yield was managed by Sydney-based Basis Capital Funds Management Ltd.

Read the entire article here


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