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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, November 4, 2012

Another Suit Brought Against Goldman Sachs

It is impossible to sympathize with Goldman Sachs when it complains about a suit brought against it for "misleading investors about securities' risk" when we know that that was exactly what Goldman was up to before the financial crisis.

The "tens of billions of dollars" that Goldman and Wall Street might have to pay seems inadequate when all the pensions and savings lost through the banks' actions are taken into account.

Why is Goldman fighting against a class-action lawsuit that is really only seeking partial justice:  the CEO and CFO of Goldman should be answering criminal charges under Sarbanes-Oxley.  Ten years in jail and $1 million fine sounds about right.

Who is the "class" who have taken action against Goldman?  Why the eclectrical workers' Health & Welfare Fund.  Shame on you, Goldman, for conspiring to make yourself rich at the cost of others' hard work where the stakes are even more difficult than what you claim!

Goldman urges Supreme Court to end mortgage class-action
By Jonathan Stempel - Reuters
. . . .
The stakes are "difficult to overstate," according to an October 26 brief by Theodore Olson, a partner at Gibson, Dunn & Crutcher and former U.S. solicitor general, who represents Goldman.
"In the context of mortgage-backed securities litigation in which this case arises, the decision will effectively increase by tens of billions of dollars the potential liability that financial institutions face in this and similar class actions," he wrote. "Moreover, the new standard threatens to expand the scope of class actions in many other areas of the law."

Read the entire article here


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