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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 17, 2013

Goldman Sachs, Meet Preet Bharara

The Globe and Mail has an article about Preet Bharara:  The man who strikes fear into Wall Street by Joanna Slater:

Last summer, 400 finance types gathered to hear Preet Bharara, the top federal prosecutor in Manhattan, speak at a conference at The Pierre hotel.

He surveyed the investors, traders and analysts assembled in the gilded main ballroom and remarked that the crowd was larger than he had expected. “So I just wanted to apologize in advance that I don’t have enough subpoenas for all of you,” he said.

The audience roared with laughter and surprise.

“Obviously, I’m kidding,” Mr. Bharara added in a reassuring tone. There was the briefest of pauses. “I do have enough,” he said. 
(from The Globe and Mail, February 15, 2013, article by Joanna Slater)
. . . . . . . . . . . . . . . . .

We who are waiting and waiting for prosecutions on Wall Street continue to wait and watch for those prosecutions with faint hope that we will ever see them but there are still honest people out there striving to bring Wall Street and Goldman Sachs to heel:
Senator Warren to Watchdogs:  Bring More Banks to Trial
4closure Fraud  - Reuters

(Reuters) – A senator critical of Wall Street took regulators to task on Thursday for failing to take banks to court over misconduct, coming out swinging in her first public appearance as a member of the Senate Banking Committee.

Elizabeth Warren, a Massachusetts Democrat, said U.S. financial regulators appear to have focused too much on ironing out settlements with large financial firms, as opposed to taking them to trial for alleged misconduct.

Her comments quickly became the highlight of a hearing with the heads of seven regulatory agencies responsible for cracking down on financial abuses and preventing another blowup like the 2007-2009 financial crisis.

“The question I really want to ask is about how tough you really are,” Warren said, drawing applause from spectators in the packed room during an otherwise low-key hearing.
“I’m really concerned that too-big-to-fail has become too-big-for-trial,” she said.
Rest here…

See the video and write-up here


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