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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, March 11, 2013

Goldman Sachs: Leader of the Vampire Squids

The following article written by William D. Cohan provides us with the opportunity of reading the comments at the end of the piece which make more sense than the article.  Goldman Sachs may be a leader but not a prudent, ethical or moral leader.  If you want that type of leadership, fill your boots!

A Resurgent Goldman Can Reshape Wall Street
By William D. Cohan - Bloomberg

Goldman Sachs Group Inc.’s announcement that it will now bestow coveted managing director titles upon its rising vice presidents every two years, instead of annually, may have shaken the foundation at its New York headquarters. For the rest of the world, even the rest of Wall Street, nothing much will be different.

If Chief Executive Officer Lloyd Blankfein really wants to shake up the industry, Goldman Sachs should break further from what remains of the Wall Street pack, and act like the leader it is. It needs a revamped compensation system that rewards people for taking prudent risks and penalizes those who take foolish ones. 

Read the article, but especially read the comments, here


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