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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, May 25, 2012

Goldman Sachs and Its Tainted Talent

Goldman Sachs finds it difficult to select board members who do not have a taint of scandal associated with their names.  For example, James A. Johnson was a former chief executive of Fannie Mae during its "corporate governance debacle."  He has been selected as director and compensation chairman.  Mr. Johnson is a great believer in large pay packages for CEOs.

Then there is Lee Scott who was CEO of Wal-Mart in Mexico when claims of bribery by Wal-Mart arose.  He served on the business standards committee on the board at Goldman but left soon after.

At the present time, Rajat Gupta, former Goldman board member, is being investigated for insider trading. 

Goldman is having a hard time finding board members who do not exude a whiff of scandal.  Soon there may be no other choices but the tainted ones.
Goldman's bad board seat
By Beth Kowitt - CNN Money

FORTUNE – In times like these, companies might need a scorecard to keep track of the alleged misdeeds and missteps of those at the top. Take, for example, an especially problematic seat on the Goldman Sachs (GS) board. On March 19, 2010, Goldman put out a press release announcing the nomination of a new board member -- former Wal-Mart CEO Lee Scott. Goldman was still feeling the heat in the aftermath of the financial crisis, and Scott had the right résumé and experience. After all, he had led Wal-Mart through its own public relations troubles.

Two months later Goldman CEO Lloyd Blankfein announced that he was launching a business standards committee; Scott would be one of four board members on it. But Scott stayed on the board for just a year. When he left, in 2011, he said it was because of time constraints.
Read the entire article here


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