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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

Sunday, October 18, 2009

Reuters On Goldman Sachs Bonuses

Reuters does not appear on main stream television or even cable which may explain why they are immune from the bias - or shall I say censorhip we see in other media.

You must seek out Reuters as it is a news source, I believe, is worthy of following. 
But the move also helped boost quarterly earnings.
[ID:nN15288862] And Goldman Sachs employees need not lose any
sleep, because they are still on track to receive an average of
$630,000 each, rivaling their record bonus haul in 2007.
Further, that $630,000 amount, which places the bank far ahead of rivals, is based on Goldman's full workforce, including assistants and other support staff.
This sure sounds like manipulative bookkeeping which helps increase the value of their stock. Is there fine line between "creative" bookkeeping and "fraud"
Analysts said the move padded quarterly earnings, which fact healthily beat analysts' forecasts.

"This upside does not qualify as high on the 'quality' scale," Roger Freeman, an analyst with Barclay's Capital, said in a research note.
Chief Financial Officer David Viniar was quoted as saying,
the company is keenly aware of the world outside of Goldman, which continues to suffer from job losses and home foreclosures.
Yes, so aware that they do what they can to keep stealing the wealth of the people helping
to further those job losses and home foreclosures.  If they are and want to be so charitable, 
why not use most of the bonus money to help create jobs by funding and lending to small business
which in turn would help stem the tide of foreclosures.  Seems like lending money is what a "bank"
should be doing.
Read the Full here


Anonymous said...

The Warning
Tuesday, October 20, 2009, at 9 P.M. ET on PBS

Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."

Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.

"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."

Anonymous said...

These people are sick and greedy!!! I hope each and every one of their employee is harassed endlessly by their friends, neighbors, and communities. And why hasn't our government stepped in and regulated all salaries for all corporations in this country?? Where are the bonuses for the little people?? Or the people who are 40-50 and have recently found themselves out of a job? And why isn't Goldman Sachs using the money to create more jobs????? That's the big question!!

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