Goldman Sachs: Information, Comments, Opinions and Facts: There Are Special Laws For Goldman Sachs Executives

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Fraud*
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, July 16, 2012

There Are Special Laws For Goldman Sachs Executives

So Rajat Gupta has been found guilty of insider trading (here). He has been thrown under the bus by Blankfein because Goldman Sachs itself has in the past shared inside information which was euphemistically called "huddles" (here). That is not the first time, either. Goldman promises to change its behavior and then continues making the same "mistakes" and paying the fines out of the petty cash kitty and the fines do not dent its bottom line a bit. The payoff is worth the risk.

There are a set of laws for Goldman executives and another set of laws for those outside of Goldman. Goldman pays cash and is home-free to reoffend; Gupta may have to spend up to 20 years behind bars and surely will not be allowed to offend again.

The wrong outfit has been criminally prosecuted. There must be a law somewhere that says, "No bank executive can be criminally prosecuted." What unequal justice!

Former Goldman Sachs director convicted
By Tom Hays - The Associated Press

NEW YORK -- Former Goldman Sachs board member Rajat Gupta lived the American Dream before being led astray by a wealthy friend who was a master at insider trading.

That was the view of two jurors who on Friday voted with 10 others to convict Gupta of three counts of securities fraud and one count of conspiracy for sharing corporate secrets with hedge fund manager Raj Rajaratnam.

Read the entire article here

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