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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

Tuesday, May 28, 2013

Goldman Sachs, ACA, John Paulson and Abacus

Business Insider has an article written by Courtney Comstock that relates the main items of the fraud committed by Goldman Sachs that required Goldman to pay the SEC $550 million in fines.  We believe that Goldman Sachs should have faced an in-depth investigation for criminal wrongdoing but the DoJ and the President decided not to pursue any criminal bankers.  Instead, they chose to prop up the predatory banks with a bailout and to pursue only civil charges against banks rather than bankers and to pretend nothing criminal took place.

The financial crisis was caused by criminal behavior that resulted in an extreme transfer of wealth from pensions and savings of ordinary people into the already full coffers of the bankers and other elites who brought us the financial crisis in 2008.

The article includes illustrative photos and links to original documents.  A sample frame is shown below:

The Complete Story of What Really Happened Between Goldman, Paulson, ACA, IKB, and ABN
By Courtney Comstock - Business Insider
. . . .
 A Paulson employee explained the trade in an email in January 2007. 
A Paulson employee explained the trade in an email in January 2007.
Paolo Pelligrini, formerly of Paulson & Co
 “It is true that the market is not pricing the subprime RMBS wipeout scenario. In my opinion this situation is due to the fact that rating agencies, CDO managers and underwriters have all the incentives to keep the game going, while ‘real money’ investors have neither the analytical tools nor the institutional framework to take action before the losses that one could anticipate based [on] the ‘news’ available everywhere are actually realized.” 

Pg. 6 of the SEC filing against Goldman.

Read the whole article here


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