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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, December 3, 2012

Goldman Sachs Guy, Glenn Hadden

We are tired of all the fraud that comes out of Goldman Sachs.  The latest fraudster (allegedly) is Glenn Hadden who is being investigated by the CME Group for possible manipulation while trading Treasury futures at Goldman Sachs.  Morgan Stanley hired him in spite of his being investigated.

Three important considerations should be made here:

1.  Why are all these fraud cases treated as civil rather than criminal cases?
2.  Why would another bank hire someone that the Federal Reserve Bank of New York had complained about and investigated?
3.  Why is it so obvious that all the TBTF banks consider "aggressive and profitable risk taking" more important than ethical and honest behavior?
Morgan Stanley Trader Faces Inquiry on Possible Manipulation
By Susanne Craig - New York Times

On paper, Glenn Hadden seemed to be the ideal person to run a large bond trading operation at Morgan Stanley when he was hired in early 2011. Mr. Hadden, a former Goldman partner, was one of the most profitable bond traders on Wall Street.

But there was more to his story than just stellar financial results. He had left his previous employer, Goldman Sachs, after questions about his trading activity. And now, Mr. Hadden is under investigation over his trading in Treasury futures while at Goldman, according to a regulatory filing.

Specifically, regulators at the CME Group, which runs commodity and futures exchanges, are investigating whether Mr. Hadden’s purchases or sales of Treasury futures late in the trading day manipulated closing prices in the market and, in turn, made other of his trades more profitable, according to people briefed on the matter who were not authorized to speak publicly.

Read the whole article here


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