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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, January 15, 2013

Goldman Sachs Says: "Goodwill Be Damned!"

Goldman Sachs seems impervious to any criticism especially when it comes to their manipulation for purposes of profit.  The latest maneuver comes from London where Goldman is trying to avoid paying higher income taxes.  If the Bank of England Governor is "depressed" over such moves, just think how depressed the people are in an economy of austerity brought to them by all the depressing moves of depressive banks.

Soon former Goldmanite Mark Carney will be joining the elite group at that depressed bank.

Goldman Sachs' Bankers Bonus Tax Dodge 'Depressing' -- BofE's Mervyn King
By Shane Croucher -IBTimes

Goldman Sachs bankers delaying their bonus payments to avoid higher income tax rates have been condemned by Bank of England Governor Sir Mervyn King.
King lashed out at the unconfirmed plans by Goldman in an appearance at the House of Commons Treasury Select Committee alongside other senior BoE staff.

"I find it a bit depressing that people who earn so much find it would be even more exciting to adjust their payouts to benefit from the tax rate, knowing that this must have an impact of the rest of society, which is suffering most from the consequences of the financial crisis," King told MPs at the hearing.

"I think it would be a rather clumsy and lacking in care and attention to how other people might react, and in the long run financial institutions do depend on goodwill from society."

In his last Budget, Chancellor George Osborne slashed the top rate of income tax to 45 percent on the basis that it would generate more revenue and that the current 50 percent rate was unfair and generated little additional benefit for the Treasury. 

Read the whole article here 


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