GoldmanSachs666 Message Board

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

Tuesday, May 14, 2013

Does Goldman Sachs Deserve a "D" for Deficiency?

Is is too bad that Goldman Sachs is not rated on criteria other than profit and performance.  What about Integrity, Ethical standards and Moral Uprightness, all of which get Goldman a Failing Grade.  Besides, after the financial crisis, Goldman could not have stood on its own without bailout money from the Federal Reserve, without loans from the Federal Reserve Discount Window and without investment by Warren Buffet.  So Goldman certainly "Failed" in solvency.

Goldman deserves more than a "deficient" descriptive in its overall performance when you consider that their policies included toxic MBSs that were fraudulently rated AAA and were sold to pension and savings funds who lost money on their investments.  It is the pensioner and the saver who pays for Goldman Sachs unearned exclusive status as the investment bank nonpareil.

They are indeed nonpareil in fraud, deception and ongoing conflicts of interest.

Who are we kidding that Goldman Sachs even deserves a mark as high as D?
Goldman Sachs Investors Should Oppose Pay Plan, Glass Lewis Says
By Michael J. Moore - Bloomberg

Goldman Sachs Group Inc (GS). shareholders should vote against the bank’s executive-pay plan, proxy-advisory firm Glass Lewis & Co. said, while ISS Proxy Advisory Services USA supported the program.

Goldman Sachs has been “deficient” in linking compensation to company performance, Glass Lewis said yesterday in a report, which also opposed the re-election of compensation committee Chairman James A. Johnson. ISS said in a May 8 report that shareholders should vote for Johnson at the New York-based bank’s May 23 annual meeting.

 Chief Executive Officer Lloyd C. Blankfein, 58, received $21 million for last year, his highest annual compensation package since 2007. Goldman Sachs shares climbed 41 percent in 2012, leaving them 24 percent below the level at which they ended 2010. 

Read the rest of the article here


Post a Comment