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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

Monday, May 9, 2011

Goldman Sachs Has No Boundaries When It Comes to Greed

It is strange that the only seekers after justice seem to be some nuns, a priest, a Jewish executive, an environmentalist and two gadflies. Religious groups who attended Goldman Sachs's annual meeting seem to be the primary speakers for a just compensation system; they are asking Goldman Sachs to assess the worth of their own pay system. Where is the attorney, where is the prosecutor and where is the lawyer who should be seeking out fraud at Goldman Sachs? Where are the new rules and laws that govern the pay of CEOs like Goldman Sachs?

The compensation for Goldman's executives has risen to $69.6 million in 2010 even though their profits and revenues have declined. However, asking Goldman Sachs to assess whether or not pay packages for their executives are excessive is like asking King Midas not to touch anything!

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein was in good spirits on Friday at his firm's annual meeting, despite...
By Lauren Tara LaCapra - Reuters

. . . .


Goldman has taken some heat for awarding Blankfein a $5.4 million bonus for 2010 despite a share price decline of 38 percent. His overall compensation rose to $14.1 million from $1 million the previous year.

Nonetheless, proposals to restrict executives' ability to sell stock compensation and to issue a report examining compensation practices both failed, with 20.6 percent and 4.1 percent approval, respectively.

Shareholders approval of executives' 2011 compensation packages declined to 73 percent of the vote from 96 percent a year ago, but still had a significant majority.

In a preliminary vote count, each of Goldman's directors won re-election, with more than 90 percent of votes. None of the six shareholder proposals that made it onto the proxy gained enough support to pass.

The meeting was more sparsely attended than usual, with about 135 people in a large conference room. They munched on bagels, croissants and fruit from the breakfast spread, with some drinking coffee or water.

Discussing the event briefly with reporters, Blankfein joked that if "aliens came down from outer space" and only got a chance to see the cast of characters at Goldman's annual meeting, they would have a distorted view of the human race.

Blankfein has spent 25 years at Goldman Sachs and been in his current role since mid-2006. Corporate governance experts and analysts have said that it would not be unusual for a CEO to move on after a five-year term.

Yet some observers point out that Blankfein might want to make sure Goldman's reputation is more fully restored - and its share price more fully recovered - before he departs.

The stock is more than three times above its crisis low, but is more than 2 percent below what it was when Blankfein took the reins. It closed down 0.20 percent at $150.10 on Friday.

A reporter asked Blankfein why he wanted to remain in his position as chairman and CEO of a company that gets so much scrutiny.

He quipped, "And give up all this?"

Read the article here


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