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Fraud*
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

Wednesday, January 20, 2010

Goldman Sachs Links and News - January 20, 2010

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Goldman Sachs Sued by Investor Over Executive Compensation Plan
BusinessWeekColbert on Bonuses and Goldman Sachs | WallStreetOasis.com
By WallStreetOasis.com
Connecting the Dots in the New World Order: Do You Go to a Goldman ...
By DotConnector
Buffett Opposes Obama Bank Tax Plan, He Tells CNBC
BusinessWeek
Goldman In Move To Avoid (Another) PR Disaster?
Wall Street Journal (blog)
Goldman The Invincible
Forbes
AIG 100-Cents Fed Deal Driven by France Belied by French Banks
BusinessWeek
Treasury Makes Banks Pay a TARP Premium
Wall Street Journal
Goldman Sachs Keeping Bonus Numbers to Itself for Now | Gossip News
By admin
Hank Greenberg Tells WSJ Goldman Sachs Behind AIG's Collapse ...
Goldman Sachs (NYSE:GS) Announcement it Will Delay Employee Bonus ...
By Gary
Goldman Employees Must Wait for Bonus News
Wall Street Journal

Editor's Comment:
I separate this last link as it is a good one to read. The comments are particularly interesting and show the people are sick and tired of what has and is still happening. Post is by Charlie Gasparino.

The hearings into the roots of the recession aren’t scaring Wall Street. What’s really frightening is public anger at the industry shows no signs of abating, and Lloyd Blankfein, the man leading the charge to turn that around, is only making matters worse—and possibly putting his job at risk.

Wall Street is increasingly being defined by one firm, Goldman Sachs, and its least capable spokesman, CEO Lloyd Blankfein.

The least appealing CEO on Wall Street is leading the effort to change the public perception that the system is rigged against the little guy suffering through 10 percent unemployment while the big banks party on.

If the hearings proved one thing, it’s just how much of a liability Goldman and Blankfein are to Wall Street’s attempt to massage its rotten image as an organization that feasts off government subsidies while Main Street suffers

Some of the comments to the blog:

Mr. Gasparino has overlooked the fact that most likely the unemployed were not "investors", and thus neither the government nor wall street cares about us or our opinions.

I wish all Goldman Sachs people go to HELL

The system is broken, the deal is rigged. When we have allowed the "smartest guys in the room" to borrow something belonging to someone else, and place a bet as to whether or not the value of that something will go either up or down; well we have taken the idea of gambling to new lows. (Editor's Note: this is only an excerpt from this comment)

Goldman's problem is not uniquely Blankfein. Goldman's problem is that they behave like they're an arm of the government. If the banks had been allowed to go their way and their smarts really tested... and really smart financiers (not "smart" because they can get into taxpayers' pockets) had been allowed to pick up the pieces, none of this would be a problem.

...They're still playing U.S. taxpayers as if we're all punks. (Editor's Note: this is only an excerpt from this comment)

Read the entire blog:
What Wall Street Really Fears
Daily Beast (blog)

1 COMMENTS:

Anonymous said...: I'd add especially when their bonuses are coming directly from every taxpayer in the country....

Goldman Sachs Sued Over Executive Compensation Plan

The Goldman Sachs board of directors wasn’t acting in shareholders’ best interests when it approved executive pay and bonuses amounting to almost half the New York-based bank’s net revenue, the Southeastern Pennsylvania Transportation Authority said in a lawsuit filed yesterday in Delaware.

“No reasonable director would approve, year in and year out, of awarding management almost 50 percent of net revenues as compensation,” SEPTA officials said in the Delaware Chancery Court suit. Philadelphia-based SEPTA is the nation’s fifth- largest public transportation system, according to its Web site.

http://www.bloomberg.com/apps/news?pid=20601087&sid=af5Kf3v7KbOk&pos=6; January 20, 2010 at 4:42 PM

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