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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

Friday, June 29, 2012

More Employees Fired At Goldman Sachs

Goldman Sachs hires employees to create huge profits for them but when business is slow, employees are the first to go.  What counts is profit maximization.
Goldman Sachs Said to Cut Administrative Jobs in the US
By Christine Harper - Bloomberg Businessweek

Goldman Sachs Group Inc. (GS) (GS), the fifth- biggest U.S. bank by assets, eliminated several dozen jobs to pare expenses in the U.S., according to a person familiar with the matter. 

The cuts affected positions in New York, New Jersey and Salt Lake City, Utah, according to the person, who wasn’t authorized to comment and asked for anonymity. Another person with knowledge of the matter said the reductions affected administration and other jobs that don’t produce revenue. 

Read the whole article here 


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