Interview: Economic Fraud

Introduction

In my interview, the topic will be based on Economic Fraud with a reflection on the Goldman. As a learner, I settled on this topic because it offers various instances that affect the current world situation. It has been realized that majority survive through ways that are not direct, and tend to make their huge income through marginalized people. Goldman Sachs is a renowned investor whose prime business is untouchable. It is alleged that Goldman held crucial information about mortgage investment that had direct impact on economic position of the stakeholders and shareholders. My interview therefore seeks to find out more information on such fraud occurred.

SiWei Fu is a major economic student in one of the American Institutes. I intend to interview him on the topic “economic fraud”. I met him in the institution and introduced myself to him. I later requested to interview him on the mentioned topic. Being an economic student, he stands a better chance to give detailed responses on various questions that I will ask. Below are a series of interview questions that I presented before SiWei Fu concerning my topic, economic fraud? Here’s how the interview went;

Interview

This interview will be based on both open ended and closed questionnaires. Responses will be based on the respondent’s interest and information given will rely on the ethical considerations of data collection and usage;

Me; what is economic fraud?

Fu; economic fraud is a broad perspective that aims to answer the question of what happens when economic well is violated against during a series of booms. This includes; lowering of prices of products by the producer during inflation. This constitute to unfair business environment thus economic fraud.

Me; how does economic fraud come about? Which are the most affected sectors in this case?

Fu; economic fraud cannot be forecasted, it is a conscious activity that one does during a given economic period, for example, inflation. The affected sectors are mainly; planning and monetary sectors. Services from these sectors are crippled to the core.

Me; briefly explain how Goldman Sachs took part in economic fraud

Fu; information is critical to any given investment. Goldman is alleged to have held critical information that belonged to firm at a time when it was most needed by the shareholders and stakeholders. This led to economic fraud.

Me; what is your opinion on the Goldman’s action that leads to economic fraud?

Fu; Goldman should have had the pleasure of sharing out the information with the general public as well as the shareholders at the time that it was required. Withholding of critical information led to the potential investors withdrawing their investment ventures.

Me; how long has Goldman Sachs been in the banking industry in America?

Fu; preferably 16 years of service.

Me; why their activities are considered fraudulent in the investment sector?

Fu; it scares potential investors away and affects the name of the company.

Me; tick where necessary

What is the current global economic fraud approximation?

1-10% 10-20%20-30% 30% and above

Do you agree that economic fraud is real?

YesNo

In conclusion, economic crisis has been identified as a key disaster that has derailed development in many countries and the entire world. These problems arise due to activities that are considered fraudulent by institutions that deal in direct operations of economic activities. Economic fraud therefore is considered a huge problem where most sectors lose their money. It is an activity that is brought about by unscrupulous investors who lack set goals for their deeds.

Work cited;

Sarna, David E. Y. History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. Hoboken, N.J: Wiley, 2010. Internet resource.

Sjögren, Hans, and Göran Skogh. New Perspectives on Economic Crime. Cheltenham, UK: E. Elgar, 2004. Internet resource.

Smith, Greg. Why I Left Goldman Sachs: A Wall Street Story. , 2012. Print.

Stich, Rodney. America’s Housing and Financial Frauds: Massive Financial Frauds Played Upon an Uninformed or Gullible Public. Alamo: Silverpeak Publishers, 2008. Internet resource.