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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

Thursday, February 21, 2013

Goldman Sachs Guy, Jon Corzine, Whacked with a Wet Noodle

When the CEO of the broker-dealer MF Global misuses customers' funds, he should be prosecuted for criminal activity.  But corruption in government and in finance now run so deep and wide that financial crimes are just ignored.  Conflicts of interest no longer seem to matter.

Two directors of the oxymoronically described "self-regulatory" National Futures Association have recommended that Jon Corzine be banned from trading futures.  Is that all the public gets for regulatory reform of rogue financiers?  Shame!

Two Regulator Directors Are Seeking To Ban Jon Corzine From Trading Futures Ever Again
By Julia La Roche - Business Insider

A pair of National Futures Association directors are expected to submit a proposal today to the self regulatory agency to have Jon Corzine, the ex-CEO of now-defunct MF Global, banned from the futures trading industry for life, the New York Post's Kaja Whitehouse reports.

Read the rest of the article here


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