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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, February 10, 2013

Goldman Sachs Embraced by Huffington Post

The part that media played in reporting before, during and after the financial crisis is worth noting.  Sometimes the media did not investigate what was happening for various reasons or they failed to see the larger picture of what was happening in the financial system.  If a media outlet approves of or participates in a bank's policy-making, then in what way can it be "objective" when reporting on that bank's fraudulent or unethical behavior?  "Common cause" between a bank like Goldman Sachs and a media company becomes a large conflict of interest when their goals diverge.

There is a real problem when the media openly participatges in aiding banking policy no matter how wonderful that policy may be.
HuffPo Attacks, then Partners with, Goldman Sachs
By Washington Free Beacon Staff

Arianna Huffington and Lloyd Blankfein announced Thursday that Goldman Sachs and the Huffington Post will partner for a new initiative aimed at job creation, according to a piece coauthored by the pair in the Huffington Post.

Read the entire article here


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