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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

Tuesday, April 24, 2012

⸮Poor Goldman Sachs--"frustrated and underappreciated"⸮

Dear Goldman Sachs, you may feel frustrated and underappreciated but I notice that you don't feel any of the pain that you caused people who are suffering under the new financial regime that you helped create through your unethical behavior. 

We sincerely wish that your bank be broken up into the smallest pieces possible; we hope that you will never again influence government policy; we will endeavor to regulate every single solitary derivative that you create; we have precious little sympathy for your not getting big salaries and bigger bonuses now; and we know that there are not many who will cry a tear for your demise. 

Your disappearance from the world stage is the right result especially since not one executive worldwide has had to go to jail for his malfeasance in bringing about the financial meltdown.  These small suggested acts mentioned above would be appreciated by us and would relieve some of our frustration.
Music Stops for Wall Street Bankers
By Anupreeta Das and Gina Chon - The Wall Street Journal

Bonuses have been cut for bankers of all levels, including junior bankers, whose pay many senior bank executives say is outsize given the new realities and how much business they bring in. Typically, analysts and associates who are at the bottom rung of the ladder earn base pay in the low six-figures, plus performance-based bonuses, according to industry participants.

The average managing director in investment banking makes around $400,000 in base pay, and high-performing bankers used to take home several million dollars in annual bonuses. But this year, Morgan Stanley generally capped cash bonuses at $125,000, while other banks put various restrictions on compensation.

Senior bankers say they are also being pushed to squeeze more revenue from clients, describing a world where maintaining long-term relationships with clients who only periodically reward a bank with business is no longer considered enough.

"There is a lot of soul searching going on among bankers," said one senior official at a large bank. "The squeeze on profits and the slow deals environment have made banking less fun and less fulfilling. People are asking themselves, 'is this worth it?"'
Read the whole story here


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