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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

Saturday, February 2, 2013

Goldman Sachs From Greenberg's Vantage Point

Normally, it would not be very engaging to record viewpoints of the wealthy about the wealthy, but the following article may be an outlier to that belief.  There is something blackly humorous about a former CEO whose corporation helped bring down the financial system in 2008 calling out the other actors in the play that they all enthusiastically took part in.

Hank Greenberg used to be the CEO of AIG.  He was partly responsible for the implosion of that company and, besides, he is no stranger himself to corruption and fraud.  He does, however, reveal some of the grimy details of his relationship with the likes of Goldman Sachs and the government officials who acted during the financial crisis.

It's all about greed and no one's reputation can be redeemed from Greenberg's description of what are pretty much self-serving and profit-loving crony capitalists in full regalia.
Goldman, gov 'rolled AIG'
By Paul Tharp - NYPost

Payback’s a bitch. Just ask veteran insurance titan Hank Greenberg.

In his new book, “The AIG Story” (co-written with Lawrence A. Cunningham and coming out this week), Greenberg says that in the summer of 2008, the company was in contentious talks with Goldman Sachs and other investment banks to settle trillions in claims on questionable derivatives linked to debt obligations that Wall Street banks were writing.

Before any deal could be brokered between Chief Executive Robert Willumstad and the banks, Lehman Bros. filed for bankruptcy, and AIG, along with hundreds of other firms, were no longer able to fund day-to-day operations.

Former CEO of American International Group Inc., Maurice "Hank" Greenberg
Willumstad was talking with NY Fed chief Tim Geithner and Treasury officials the weekend prior to Lehman’s filing, to get a temporary loan.

Greenberg points out, “The Fed opened its discount window to nearly any applicant, dispensing hundreds of billions in loans to nearly any applicant. Dexia of Belgium, Depfa Bank of Ireland, the Bank of Scotland, and the Arab Banking Corp., then 29 percent owned by the Libyan central bank.” 

Read the rest of the article here


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