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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 26, 2013

Greg Smith and Goldman Sachs

We thought the reader might be interested in an interview with Greg Smith about Goldman Sachs and Wall Street:

Greg Smith:  On Wall Street, Goldman Sachs and students entering finance
By The Daily News Staff - The Stanford Daily
. . . .
Do you think that the culture on Wall Street will be changing anytime soon?

I don’t see it changing anytime soon… I think that the overriding message I’m trying to get across is to highlight to, especially non-financial people, that politicians are still being funded by the banks they’re trying to regulate. I would take away this misaligned incentive – that Wall Street is incentivized to swing for the fences… If things go really bad, the worst that will happen is that taxpayers will have to hold the bag and bail out the bank. I feel that you need to make an even playing field.

People need to be tied to their performance over, say, five years. There needs to be a changed fiduciary standard where conflicts of interest disappear – you need to change some of the laws.

Read the rest of the interview here 


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