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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

Wednesday, February 13, 2013

Goldman Sachs and Sex Discrimination Lawsuit

There are many ways that inequality is manifested by Goldman.  Here's more on gender discrimination and Goldman Sachs:

Goldman Sachs Gender Discrimination Class Action Lawsuit
By Lieff Cabraser Heimann & Bernstein, LLP and Outten & Golden, LLP

Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.).
Lieff Cabraser and Outten & Golden serve as Co-Lead Counsel for plaintiffs in a gender discrimination class action lawsuit against Goldman Sachs. The complaint alleges that Goldman Sachs has engaged in systemic and pervasive discrimination against its female professional employees in violation of Title VII of the Civil Rights Act of 1964 and the New York City Human Rights Law. The complaint charges that, among other things, Goldman Sachs pays its female professionals less than similarly situated males, disproportionately promotes men over equally or more qualified women, and offers better business opportunities and professional support to its male professionals.

Factual Allegations

Goldman Sachs is a global investment banking, securities and investment management firm, which generated $45 billion in revenue in 2009. The complaint charges that Goldman Sachs has distributed the benefits of its enormous success unequally – systematically favoring male Associates, Vice Presidents, and Managing Directors at the expense of their female counterparts. The alleged sex discrimination includes:
  1. At nearly all levels of its professional ranks, Goldman Sachs has paid its female professionals less than similarly situated male professionals, even though they hold equivalent positions and perform the same or substantially similar work;
  2. Goldman Sachs maintains policies and practices for promoting its employees that result in the disproportionate promotion of men over equally or more qualified women. As a result, female professionals have been systematically denied promotion opportunities that are routinely afforded to their male counterparts.
  3. Goldman Sachs gives its managers, the overwhelming majority of whom are men, unchecked discretion to assign responsibilities, accounts, and projects to their subordinates. The end result is that managers most often assign the most lucrative and promising opportunities to male employees.
  4. Goldman Sachs grants its managers unbridled discretion to allocate resources among their employees, including but not limited to administrative support, training opportunities, and informal mentoring. In practice, Goldman Sachs managers exercise this discretion in a way that provides disproportionately greater resources to their male subordinates than their female subordinates.
  5. Goldman Sachs' system for evaluating employees' performance systematically discriminates against female professionals by permitting unacceptable levels of subjectivity and bias that result in the undervaluation of female employees' performance.
Read the rest here


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