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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

Thursday, May 14, 2009

Goldman Sachs Shareholders Breakthrough

Editor's note: Goldman's shareholders vote to enact simple majority rules but fail to reel in the excessive pay for the executives.

Goldman Sachs Shareholders Rebuff Firm’s Board for First Time
By Christine Harper

Goldman Sachs Group Inc. shareholders rebuffed the board of directors for the first time since the firm went public in 1999, voting to back a proposal that would let a simple majority enact changes at the company.


Lloyd Blankfein, Goldman Sachs’s chairman and chief executive officer, faced more than an hour of questioning from shareholders at the company’s annual meeting yesterday after the stock dropped 61 percent last year and the company took $10 billion of U.S. bailout funds.


A shareholder effort to get such a “say on pay” vote included on the proxy last year was opposed by the board and failed to win a majority of votes.

Read the full story- Click here


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