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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

Tuesday, October 19, 2010

More on Refurbishing Goldman Sachs's Damaged Image

No kidding! Lloyd Blankfein of Goldman Sachs thinks that "there is a disconnect between how we view the firm and how the broader public perceives our roles and activities." How could it be otherwise when their employees and executives make gargantuan bonuses even when the firm is found culpable in a civil suit for fraud which, by the way, Goldman refers to as a "mistake." The funny thing is, GS wouldn't need to hire expensive PR firms to recuperate its image: all it would have to do is follow ethical standards, make full disclosures of its business practices and play fair. Betting against the solvency of the mortgage market while bundling sub-prime mortgages and making a profit from both is not the way to achieve an endearing image. In order to create a good image, Goldman just needs to have sound and honorable business behaviors. It might also consider not creating so many millionaires and billionaires who leech treasure from the wider economy.

Finally, Goldman Sachs should realize that CDOs have no relationship to the real economy and they should acknowledge that they profited directly from government bailout of AIG when otherwise they would have suffered enormous losses without that help. They should even consider giving back the $12.9 billion that they took from the taxpayer via AIG.

Goldman Pushes Its Image Rehab

Goldman Sachs Group Inc. is taking its first steps to change the way it does business after it weathered harsh criticism and paid a $550 million fine tied to its actions before and during the financial crisis.

The Wall Street firm, which is trying to rehabilitate its public reputation with an ad campaign that, among other things, tries to show how it helps create jobs, is planning to make changes in the way it reports its finances and how it relates to clients, investors and analysts, people involved in the planning say. It has also gone outside the company and hired an executive who has been a vocal critic of Wall Street pay practices and weak corporate governance.


Protestors held up signs as Goldman Sachs CEO Lloyd Blankfein prepared to testify before a Senate panel in April.

You can read the rest of the article here


Anonymous said...

When I look at Lloyd this comes to mind:

Anonymous said...

So I guess the more people you push into foreclosure on technicalities versus working out the modifications...the more money is in it to the other side of the homeowners? Especially if you work with a less than ethical law firm?

Foreclosure Fortune Buys Bugatti, Yacht, Mansions for Attorney

According to the filing, the law firm has represented the biggest banks and mortgage servicers in the U.S., including Wells Fargo & Co.; Goldman Sachs Group Inc.’s Litton Loan Servicing, Countrywide Financial, now owned by Bank of America Corp.; and government-supported Fannie Mae, the mortgage- financing company. Stern was named Fannie Mae’s attorney of the year in 1998 and 1999, according to the filing.

Anonymous said...

Kind of fits...

"The notorious Italian-American gangster Lucky Luciano, after learning of the corruption of Wall Street, allegedly stated his remorse over his choice to become a gangster versus a bankster after spending a day on the floor of the New York Stock Exchange in the 1940s. Before being deported to Italy due to crimes he committed as a gangster, Luciano allegedly confessed, " I suddenly realized I had joined the wrong mob." … JS Kim

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