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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, April 28, 2013

Goldman Sachs is a Mega-Bank

Senators Sherrod Brown and David Vitter have written a bank bill that will require TBTF banks to carry enough assets that they can handle their own failures without going to the taxpayers for bailouts.  Mega-banks like Goldman Sachs would require a 15 percent minimum capital requirement in order to successfully take on a crisis.

Sen. Brown's bank plan
Large banks, like small ones, would be financially responsible for their own actions
By The Blade
In Washington last week, Democratic Sen. Sherrod Brown of Ohio previewed his so-called “too-big-to-fail” bank bill, written with Republican David Vitter of Louisiana. “Too big” means banks with more than $500 billion in assets: Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley, Wells Fargo, and Goldman Sachs. Mr. Brown wants them to be able to take care of themselves when they fail.

Under the bill, the megas would be required to retain sufficient assets to withstand a crisis. The bill sets an 8 percent minimum capital requirement for banks with assets of $50 billion or more, and a 15 percent minimum capital requirement for the $500 billion banks.

Read the whole article here


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