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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, September 3, 2010

Goldman Sachs Has Loyal Employees

It is no surprise that Goldman Sachs commands loyalty among its employees when you consider the bonuses that come with the job. GS employees are found in government and financial institutions around the world. Does that loyalty imbue employees as they pursue positions elsewhere? Do they bring GS ethics with them?

*Goldman employees still enamored with firm, CEO

*Employees give firm high marks in satisfaction survey

* CEO Blankfein is top-rated chief executive in finance

* Goldman gets top marks, except in work/life balance

By Steve Eder

NEW YORK, July 30 (Reuters) - Goldman Sachs Group Inc (GS.N) is the bank many Americans love to hate, but one group just plain loves it: its employees.

The firm's employees are among the most fiercely loyal in the financial services industry, according to a survet by, a career website. And Goldman Chief Executive Lloyd Blankfein had the highest approval rating of any CEO in the financial sector.'s survey was done online, which means it is not exactly scientific, but any good news is surely welcome at Goldman, which is fresh off settling civil fraud charges with U.S. securities regulators. The lawsuit set off a public relations nightmare that led some inside the bank to question whether Blankfein should be ousted.

Read article here


Disenfranchised said...

You'd be enamored, too, if you thought stealing boat loads of money was a good thing...problem is...most decent people think stealing is bad....what kind of people work at goldman?

The Angelides Commission Squints Back at the Bank Bailout and the Fall of Lehman
Does Our Economy Really Have to Run on Fraud?

Stated another way, why was Lehman the only Wall Street firm permitted to go under? How does the logic that Washington used in its case compare to how it is treating the economy at large? Why bail out Wall Street – whose managers are rich enough not to need to spend their gains – and not the quarter of U.S. homeowners unfortunate enough also to suffer “negative equity” but not qualify for the help that the officials they elect gave to Wall Street’s winners by enabling Bear Stearns, A.I.G., Countrywide Financial and other gamblers to pay their bad debts?

Was this not a giveaway? .Fuld implied. Why couldn’t the Fed and Treasury do for Lehman what they did with other Wall Street investment firms and stock brokers: let it reclassify itself as a bank so it could pawn off its junk mortgages at the Fed’s discount window for 100 cents on the dollar, sticking taxpayers with the loss? Wall Street bailed out crooks at Countrywide and its cohorts. The credit-rating agency Fitch has found financial fraud in every mortgage package it has examined. And these are the packages that have made Wall Street rich and powerful enough to gain Washington bailouts to establish them as a new ruling class, bailouts to use for buying up Washington politicians and lawmakers, and for buying out the popular press to tell people how necessary Wall Street financial practice is to “support” the economy and “create wealth.”

Yet . Fuld is correct in pointing out that not only Bear Stearns and A.I.G., but also Morgan Stanley and Goldman Sachs would have failed without state support. So the question remains: Why bail out these firms (and their counterparties!) but not Lehman?

Anonymous said...

Loyal to $...

The 12 Oil Leaders Who Have The US On Its Knees

Nigeria has recently turned towards American-European interests with the appointment of ex-Goldman Sachs and ex-Shell executives as cabinet ministers.

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