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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

Tuesday, March 30, 2010

Goldman's public relations 'problem'

Goldman's public relations department seems to think "that prospective investment-banking clients concerned about their association with the firm will simply hire other players rather than face the fallout of working with Goldman." Let me offer an alternative view- prospective investment-banking clients may simply be aware that this whole bubble is nothing more than a big Ponzi scheme and the TBTF banks are insolvent. Maybe those investors don't think that mark-to-fantasy accounting is a good way to do business. Maybe those investors don't like the fact that Goldman is a bank that is not really a bank. Maybe those investors are afraid Goldman will shove it's blood-funnel into their companies. Maybe Morgan Stanley offered a better bribe.

We suggested recently that the Treasury (Treasury news) really couldn't select Goldman Sachs (NYSE: GS) as top underwriter and advisor for its staggered sale of its massive horde of Citigroup (NYSE: C) stock. It just would've been way too controversial, red meat for the conspiracy theorists.

And that has some Goldman Sachs executives worried, according to a sort of inside-the-firm report from Fox Business News. Until now, the PR nightmare from which the company cannot seem to wake hasn't really hit the bottom line. But some think that's now changing unfortunately.

Clearly, Goldman Sachs saw itself as a prime candidate for the job that went to rival Morgan Stanley (NYSE: MS). Some executives now worry "that prospective investment-banking clients concerned about their association with the firm will simply hire other players rather than face the fallout of working with Goldman." All this makes the need for some sort of coordinated image effort a must. But it remains unclear how aggressive Goldman Sachs will be.

Read the rest here

3 COMMENTS:

Anonymous said...

Why is it every time someone tries to point out a wrong it's called a conspiracy? Do you think these quotes were written for no reason?


"The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth." … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

Larry Rubinoff said...

Good quotes. I have started a new feature "Famous Quotes" in the left side bar. Scroll down. If you have anymore send them in to info@gs666.org.

Anyone else that comes across quotes like these please email them as well.

Thank you
Publisher

Larry Rubinoff said...

@Anonymous: Why is it every time someone tries to point out a wrong it's called a conspiracy?

Conspiracy Theory is the new way of discrediting anything. It is used now more then ever before.

Those who so quickly throw that term around are just afraid that the truth be known. What better way to hide the truth then to discredit it. Calling it a "Conspiracy Theory" even puts a little of "the ridiculous" spin on it.

I believe, that when we hear something called a CT the we should pay even closer attention to it and look into it even more.

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