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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, June 4, 2012

Goldman Sachs, Even Your Charm is Offensive

It does not matter how much sucking up to the public that Blankfein engages in; it is still true that Goldman Sachs performs no useful public service.  It serves itself.  Full. Stop.

Grading Goldman's Charm Offensive
By Kevin Roose - NYMag
Smiling for the camera:
Goldman put CEO Lloyd Blankfein under klieg lights this month, granting rare interviews to CNBC and Bloomberg TV. “Obviously it has occurred to us that we haven’t gotten everything right,” Blankfein said during one interview, offering a mea culpa for the firm's tight-lipped tradition.

Blankfein acquitted himself well, but why relegate him to the Nielsen ghetto of business TV? Put him on NBC, ABC, or CBS — or better yet, give him to Jon Stewart. That we'd watch.
Cozying up to the press:
Goldman has been quietly reaching out to journalists who cover the firm in recent weeks, inviting select reporters and columnists from publications like the New York Times (where, full disclosure, I worked until earlier this month) and the Wall Street Journal for intimate meet-and-greets with Blankfein, president Gary Cohn, and other executives.

Offering face time with the C-suite is a good way to get reporters to hear you out, but it’s not clear that the sessions will result in more positive press. One reporter who was invited to 200 West Street this month described the small-group setting as "a little bizarre.”

You can read the rest here


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