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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

Sunday, March 10, 2013

One Loss for Goldman Sachs

One of the characteristics of the rise in unequal wealth distribution in North America has been the decline of the power and number of unions.  Unions play an important role in gaining workers' rights.  The CtW Investment Group has proposed that the role of chairman and CEO at Goldman Sachs be split rather than being held by Blankfein alone.

CtW Investment Group was founded in 2006 and works "with investment funds sponsored by unions affiliated with Change to Win--a federation of unions representing nearly 5.5 million members."

Goldman loses a round
By Mark DeCambre - New York Post
Chalk another one up for activist investors.

Goldman Sachs yesterday lost its bid to keep a shareholder proposal to split the chairman and CEO roles off its proxy statement.

Yesterday, the Securities and Exchange Commission informed the bank that it couldn’t block the proposal from being included among a list of proposals at its next annual shareholder meeting.

The proposal was sent by CtW Investment Group, which owns just 25 Goldman shares, for inclusion on the proxy.

Read the article here

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Posted by Joyce

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