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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

Friday, October 16, 2009

Goldman Worries About Indian Government Corruption

Talk about chutzpah. Here's Goldman Sachs complaining about government corruption in India, in a piece from March 9, 2009, at Times Online:

“Goldman Sachs has raised concerns about the standards of corporate governance in India by accusing the Government of siphoning off $20 billion (£14.1 billion) from India’s largest oil company without consulting other shareholders.

Goldman said that the funds had been diverted by the state-controlled Oil and Natural Gas Corporation (ONGC) via “ad-hoc cash withdrawals” over five years to subsidise loss-making government-owned refiners.

“Despite repeated objections raised by investors and more recently by independent directors on ONGC’s board, there has not been headway on this issue,” Goldman analysts said.

“The market appears to have got used to this practice by ONGC promoters [controlling shareholder], while similar issues in privately run companies would likely cause serious concern.”


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