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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

Tuesday, November 13, 2012

Goldman Sachs Facing (Yawn!) Another Lawsuit

And so the parade of lawsuits marches onward apace.  We know the story:  Goldman will make a deal to pay a fine without ever admitting any wrong doing; Blankfein will reach into his office piggy bank to pay the fine; the bank does  not miss the money; they do not care about a reputation that is beyond redemption; they got away with the fraud---again.

Here is a better idea:  Goldman should send its CEO and CFO to Greece to visit the park wherein a poor pensioner killed himself because he did not have the means with which to live.  Goldman bears a lot of responsibility for the predicament that is Greece.  Go to the funeral. Mr. Blankfein, think about your sins and try to cry a few tears for all those lives that you have ruined through your greed and your search for unlimited wealth.

Goldman, Deutsche Bank fail to end U.S. mortgage lawsuits
By Jonathan Stempel - Reuters
 (Reuters) - A U.S. judge rejected bids by Goldman Sachs Group Inc (GS.N) and Deutsche Bank AG (DBKGn.DE) to dismiss a federal regulator's lawsuits accusing them of misleading Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) into buying billions of dollars of risky mortgage debt.
In separate decisions on Monday, U.S. District Judge Denise Cote in Manhattan said the Federal Housing Finance Agency may pursue fraud claims over some of the banks' representations in offering materials regarding mortgage underwriting standards.

The FHFA had sued over certificates that Fannie Mae and Freddie Mac, known as government-sponsored enterprises, had bought between September 2005 and October 2007.

Goldman underwrote about $11.1 billion of the certificates, and Deutsche Bank roughly $14.2 billion, the regulator has said.

Read the full article here


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