NOTE: I received an email from the author of the piece below.
Banker CEOs Lied to Congress.
by John Olagues
This article is about how the CEOs of the largest Banks in the world lied to the U.S. Congress about the extent of their equity compensation bonuses. Their deliberate lies were pre-meditated and were intended to deceive the Congress and the viewing public.
Specifically at the 1 hour and 24 minutes into the afternoon session of the Congressional hearing on February 11, 2009, Representative Bill Posey from Florida asked the bankers to declare the value of all the equity compensation that they were granted during 2007. They answered with flat out lies or artificially low values.
NOTE: The article continues and provides details about Ken Lewis or Bank of America, Jamie Dimon of JP Morgan Chase, John Stumpt of Wells Fargo, Vikram Pandit of Citigrop and John Mack of Morgan Stanley.
Here is an excerpt and below a link to the article - http://seekingalpha.com/article/129517-banker-ceos-lied-to-congress
NOTE: The question we must ask is why Congress has not thrown these guys in jail if they lied? And if they did not lie, then the author of the article belongs in jail. But obviously, someone is lying. I'd place my bet on John and his facts . . . and against the bankers.
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". 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