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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

Saturday, September 27, 2014

Goldman Sachs Does NOT Have a "Conflict of Interest" Policy

Inside the New York Fed:  Secret Recordings and a Culture Crash

By Jake Bernstein, ProPublica

....
In a follow-up email to Segarra, Silva wrote: "In light of your repeated and adamant assertions that Goldman has no written conflicts of interest policy, you can understand why I was surprised to find a "Conflicts of Interests Section" in Goldman's Code of Conduct that seemed to me to define, prohibit and instruct employees what to do about it."

But in Segarra's view, the code fell far short of the Fed's official guidance, which calls for a policy that encompasses the entire bank and provides a framework for "assessing, controlling, measuring, monitoring and reporting" conflicts.

ProPublica sent a copy of Goldman's Code of Conduct to two legal and compliance experts familiar with the Fed's guidance on the topic. Both did not want be quoted by name, either because they were not authorized by their employer or because they did not want to publicly criticize Goldman Sachs. Both have experience as bank examiners in the area of legal and compliance. Each said Goldman's Code of Conduct would not qualify as a firm-wide conflicts of interest policy as set out by the Fed's guidance.

In the recordings, Segarra asks Gwen Libstag, the executive at Goldman who is responsible for managing conflicts, whether the bank has "a definition of a conflict of interest, what that is and what that means?"
"No," Libstag replied at the meeting in April.

Back in December, according to meeting minutes, a Goldman executive told Segarra and other regulators that Goldman did not have a single policy: "It's probably more than one document – there is no one policy per se."
Read the whole article here
Listen to the audio recorded by Segarra here

4 COMMENTS:

1horse said...

0ccam: create no more ∑ntities than 'r' sufficient

[[... BIS. cb s.gs.jpm.fed.wb.wto.wtf WTC I II ...

0therwise:.. rep.rep etc.etc inter alia & et al
u're
0nly∑verHearin ... bbutTalkin ... jus2dysGuise

http://www.youtube.com/watch?v=DwDbd4jQpkA ]]

1Lie
®INC
Rotschild

1horse said...

ProPublica
--------------Does NOT Have a "Conflict of Interest" Policy
BBut:..
"Hold on
Hold on, this is waiting to be approved by ProPublica.
Hold on ... "

0ccam: create no more ∑ntities than 'r' sufficient

[[... BIS. cb s.gs.jpm.fed.wb.wto.wtf WTC I II ...

0therwise:.. rep.rep etc.etc inter alia & et al
u're
0nly∑verHearin ... bbutTalkin ... jus2dysGuise

http://www.youtube.com/watch?v... ]]

1Lie
®INC
Rotschild
=======

" × You have already made this comment."

?HERE IS IT . . .

®hetorical

laserDliquidator said...

Currently, I'm at the 9th Circuit in my lawsuit (Los Angeles Dist Ct 2:13-cv-7738 and 9th Cir case # 14-55784) against Romney, Bain Capital and Goldman Sachs for Racketeering (civil under 18 U.S.C. $ 1964(c)).


If they don't respond to my Objection filing pointing out their deceiving a new federal court; there's going to be a rude awakening for those "Too big to jail" folks.

laserDliquidator said...

By the way, can anyone tell me how Larry is doing?

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