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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

Wednesday, March 14, 2012

Goldman Sachs: Going and Coming!

Two articles jumped off the screen today:  Jake Siewert, an adviser to Treasury Secretary Timothy Geithner, will leave his post to run the public relations department at Goldman Sachs; and Greg Smith has left Goldman Sachs because of Goldman's lack of "teamwork, integrity and a spirit of humility and always doing right" by its clients.  There now, we have two revolving doors--going and coming.

As for Jake Siewert, it is too bad that the politicians do not see fit to pass legislation restricting the amount of time a person such as Siwert  must spend outside Wall Street before going through the revolving door into Goldman.  A two-year limit sounds about right and would help protect the information and skills acquired in government from Wall Street manipulation.

It is tempting to castigate Greg Smith for being so slow to realize the true nature of Goldman Sachs but the comments here have already performed that service.  What we are really waiting for is a whistle-blower who will come forward with information that will demolish the modicum of integrity that may be left at GS.  We wait patiently.

Jake Siewert, former Geithner aide, heads to Goldman
By Ben White - Politico

Jake Siewert, former counselor to Treasury Secretary Timothy Geithner and press secretary at the end of the second Clinton administration, has landed at Goldman Sachs, where he will be a managing director and head of global corporate communications.

Siewert is expected to inherit the portfolio of Lucas van Praag, a long-time Goldman executive who ran the public relations department and developed a reputation for his sharp wit and barbed emails to reporters he believed had misrepresented the bank. Van Praag is expected to leave within weeks.

Siewert will undoubtedly take some criticism for taking part in the “revolving door” between Washington and Wall Street. Several senior White House officials, including current Chief of Staff Jack Lew and former Chief of Staff Bill Daley joined the White House from big banks — Citigroup and JPMorganChase respectively.

Read the rest of the article here

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Official slams Goldman Sachs as he quits:  'Toxic' culture, clients as 'muppets'

Executive slams Goldman
Oh, to be a fly on the wall today in the corner offices at Goldman Sachs Group Inc. (GS-N124.18-0.36-0.29%).
Greg Smith, who heads Goldman's U.S. equity derivatives business in Europe, Africa and the Middle East, is resigning today after almost 12 years with the Wall Street giant. He started as a summer intern, he says, and worked his way up to the position of executive director in London.
Mr. Smith chose to go out with a bang, and is the talk of Wall Street today with a scathing indictment of the firm on the Op-Ed pages of The New York Times. The link to his article is flying through cyberspace.
"I can honestly say that the environment now is as toxic and destructive as I have ever seen it," Mr. Smith writes.
"To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."
A company spokeswoman told me today that Goldman disagrees with Mr. Smith's views, and that his comments don't reflect the way the bank runs its business.
"In our view, we will only be successful if our clients are successful," she said in a statement that I assume is what Goldman is releasing to all reporters who ask. "This fundamental truth lies at the heart of how we conduct ourselves." 
Read the rest of the article here 


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