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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

Sunday, February 3, 2013

Mutual Image Polishing: Goldman Sachs and Russia

How is it that a bank like Goldman Sachs, whose reputation leaves much to be desired, would be hired by a country, whose financial reputation is dubious at best, to create PR for that country's investments?  You could say they are both cut from the same cloth, or that each recognizes the other's faults.

Note that the fee Goldman is being paid by the Russian government is almost the same amount as Goldman's payment for fraud to the SEC in 2010. "  This is a case of, "I'll polish your image if you will polish mine."
Goldman Sachs to improve Russia's image for $500,000
By Margarita Lyutova Vedomostic -- rbth

In a new image campaign to spur investment, the Russian government has hired the investment bank Goldman Sachs to persuade investors and ratings agencies of the country's appeal. Officials hope the move will improve Russia’s credit rating, as well as its position in other international rankings, both of which experts say are underestimated.

 he Russian Ministry of Economic Development and the Russian Direct Investment Fund (RDIF) have signed a memorandum of understanding with Goldman Sachs, announced Russia’s deputy minister of economic development, Sergei Belyakov. The investment bank will help to establish a dialogue with foreign investors and ratings agencies, said a spokesperson for the head of Goldman Sachs in Russia, Paolo Zannoni. Goldman Sachs is said to be very pleased with the government's expansion of the partnership. The bank’s fee for consulting services for three years will be approximately $500,000.

Read the whole article here


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