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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

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Monday, December 17, 2012

Excessive Executive Compensation at Goldman Sachs

When Goldman Sachs obtained its sub-prime mortgages from various mortgage servicing companies before 2007 in order to create many thousands of securities to sell to investors, they neglected to tell the buyers that many of the securitized portfolios were designed to fail.  Because of the sheer number of securities created from MBSs and sold all over the world, Blankfein and other Goldman executives could count on big profits from these toxic assets via Accounting Control Fraud.

Consequently, these executives received inflated bonuses from bad MBS sold in equally bad CDOs.  The Goldman accounting books showed huge profits upon which bonuses depended but neglected to show the huge losses in the future from those instruments.  Thus did Goldman inflate their compensation from misleading and fraudulent investments whose losses were borne eventually by the public--not by Goldman Sachs. 

Below is a suit being brought against Goldman for excessive executive compensation:

SHAREHOLDER ALERT:  The Law Firm of Levi & Korsinsky Notifies Shareholders of The Goldman Sachs Group Inc. of Lawsuit Alleging Excessive Executive Compensation
By Levi & Korsinsky - Morningstar Advisor

NEW YORK, Dec. 17, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that it is lead counsel in the following actions against The Goldman Sachs Group, Inc. ("Goldman Sachs") (GS): Bader v. Blankfein et al., No. 08 Civ. 255 (SLT) (JMA) (E.D.N.Y.); Bader v. Winkelried et al., Index No. 650157/2009 (N.Y. Cnty. Sup. Ct.) (the "Actions").

For more information, click here: http://9nl.com/goldman_sachs.

The Federal Action alleged that Goldman Sachs' 2008 Proxy Statement violated the federal securities laws and Delaware law by undervaluing certain stock option awards and alleged that senior management received excessive compensation for 2007. The State Action alleged violations of Delaware statutory and common law based on substantively similar allegations regarding stock option awards from December 13, 2005 to December 17, 2008.

See the article here

2 COMMENTS:

Synir said...

http://www.independent.co.uk/news/business/analysis-and-features/what-price-the-new-democracy-goldman-sachs-conquers-europe-6264091.html 
"
Goldman Sachs - Owner of Europe AND USA"http://www.youtube.com/watch?v=l1dEENvRyl8

Joyce R said...

Thank you, Synir, for your links.  Links are always appreciated.

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