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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

Monday, June 14, 2010

The Ethics Code of Goldman Sachs

Wanna hear something funny? Goldman, yes That Goldman, has an ethics code! Hahahaha

Perhaps we all owe Goldman Sachs an apology. Everyone heaped outrage and ridicule the April spectacle of its executives going before the U.S. Senate and asserting under oath that they saw nothing at all unethical about intentionally selling “crappy” investment products to their trusting customers, then making money for their own firm by betting that the products would fail. Many were reminded of the tobacco executives, in the famous AP photo, all raising their hands to swear that they did not believe nicotine was addictive. After all, Goldman Sachs’s own website pledged openness, honesty, trustworthiness and integrity, saying.....

....

Now it seems that we were lacking a crucial document: the firm’s internal Code of Ethics, which Goldman Sachs recently made public. Under the provisions of this remarkable Code, what Goldman Sachs did to its clients wasn’t unethical at all; deceptive, conflicted, and unfair, yes…but not unethical, in the sense that it didn’t violate the Ethics Code itself. “Impossible!” you say? Ah, you underestimate the firm’s cleverness.

.....

SECTION III
Waivers of This Code

From time to time, the firm may waive certain provisions of this Code. Any
employee or director who believes that a waiver may be called for should discuss the
matter with an Appropriate Ethics Contact. Waivers for executive officers (including
Senior Financial Officers) or directors of the firm may be made only by the Board of
Directors or a committee of the Board...

Brilliant! Any time conduct prohibited by the Code of Ethics is inconvenient, as in “it stops us from making more money,” Goldman Sachs can “waive” it. This means, in their eyes, that activities like deceiving clients, operating with significant conflicts of interest, and breaches of confidentiality are generally unethical and prohibited by their Code of Ethics, but since the same Code lays out a procedure to temporarily “waive” any of these provisions “from time to time,” the firm can lie to clients and undermine the interests of investors for the firm’s own profit without violating its Ethics Code. Applying a strict compliance standard, as most businesses do, Goldman Sachs can do almost anything (“from time to time”) without technically violating its Code—unless it does so without getting those ethics “waivers”. Now that would be, in the culture of Goldman Sachs, unethical.

.....

Read the rest here

5 COMMENTS:

JR said...

The Other Side of Goldman Sachs:

One Crowd Still Loyal to Goldman Sachs

By ANDREW ROSS SORKIN

Lots of people are talking about what is happening at Goldman Sachs. This is a column about what is not happening at Goldman.

More here:

http://tinyurl.com/25kmwmd

Anonymous said...

As an ex-employee this does not surprise me and indeed their 'neurosis' that they are not doing anything wrong by their own flexible & dynamic ethical code of conduct is laughable and truly reveals their true level of expression in this world. Continue to give GS enough rope and they will surely hang themselves; it is already happening. When they start quoting or rather presenting their own abridged version of quotes from the bible we know they are going down the pan and it will be a welcome day for all and truth winning over outrageous deceptive lying cheating and anti-life corporate behaviour.

RobertM said...

Thank you Anonymous for confirming what we have suspected all along.

RobertM said...

Thank you too JR for all the excellent links.

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