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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

Monday, May 20, 2013

The Foul Expertise of Goldman Sachs

Goldman Sachs knows every game in town:  They know how to juice up fees; they know how to avoid taxes; they know how to speculate on gold and oil; they know how to lobby for weak financial regulations; they know how to securitize sub-prime mortgages; they know how to defraud pension and savings funds; they know how to never have to admit to wrongdoing (even when they do wrong!); they know how to pay numerous fines that barely dint their profits; they know how to warehouse aluminum in order to jack up their fees; they know how to trade on insider information; they know how to use HFT to make profits trading and, finally, they know how to take advantage of tax havens. 

And, of course, Goldman Sachs does not know wrongdoing when it works for its clients!

Now whistleblowers are revealing how Goldman Sachs takes advantage of tax havens.  It is even possible that governments do not view such tax havens as illegal, such is the moral laxity surrounding financial and government institutions.
TV presenters, bankers and government advisers among 1,000 Britons linked to tax havens
By Daily Mail Reporter - Mail Online
. . . .
A source at Goldman Sachs told the paper it may have appeared because it had acted [o]n instructions from a client to move assets into an offshore trust and said it had not been contacted by HRMC.

Read the whole article here


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