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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

Saturday, January 19, 2013

Goldman Sachs's BIG Payday

The rich get richer and the rest of us flounder.  Fraud obviously pays very well for Goldman Sachs executives but the rest of us are not so fortunate.
Goldman Raises CEO's Stock Bonus 90% to $13.3 Million
By Christine Harper - Bloomberg Businessweek

Goldman Sachs Group Inc. (GS) boosted Chief Executive Officer Lloyd C. Blankfein’s stock bonus 90 percent to $13.3 million, topping JPMorgan Chase & Co. (JPM)’s Jamie Dimon for the first time in five years, as profit climbed (GS).

While the bank didn’t disclose Blankfein’s cash bonus, a person familiar with the payout said his total bonus was about 70 percent restricted stock and 30 percent cash, like last year. On that basis, the total would be about $19 million including $5.7 million in cash.

Pay for Blankfein, whose $67.9 million bonus for 2007 set a Wall Street record, has trailed Dimon’s since then as Goldman Sachs’s profitability lagged behind that of JPMorgan, which this week reported a third consecutive year of record profit. Dimon, 56, who leads the biggest U.S. bank by assets, had his compensation cut in half to $11.5 million because of a trading loss. 

Read the rest of the article here


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