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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, March 30, 2013

Introducing President of Goldman Sachs--Jim O'Neill!!

Did you ever wonder about people who work for Goldman Sachs and how they learn to channel their knowledge and information into anything that doesn't require them to show empathy nor requires them to ever question what they do or to speculate about how what they do for a living affects others?  Do they ever display ethical considerations in their pronouncements?

A case in point includes two articles about Jim O'Neill, the President of Goldman Sachs and an economist who is about to retire.  He is an unaware guy who has lost "touch with reality" and doesn't know it.
'I wouldn't do that, George';  Goldman Sachs banker Jim O'Neill dismisses the Coalition's austerity cuts
By Simon Watkins -This is
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O’Neill believes it is crucial bankers don’t lose touch with reality. He says: ‘I’d get all the research people who worked for me in a conference and say, ‘‘Wherever you’re going home to tonight, instead of going in a cab get on the Tube and hang out with normal people.’’ We have to have more people who connect with society so we can understand the consequences of our actions.’

O’Neill claims to be able to get on with people from all backgrounds, a knack he attributes to his upbringing in Manchester. ‘The street where I lived in was literally divided down the middle,’ he says. ‘One side was in Cheshire and the other was Manchester.

Read the whole article here

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'Grillo' top problem for EU, says Goldman Sachs President
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Rome, March 29 - The biggest problem currently facing the European Union (EU) is not the struggling economy of Cyprus but the "Grillo factor" in Italy, Jim O'Neill, president of Goldman Sachs Asset Management, told Bloomberg TV on Friday. "I don't understand how some of the these tough guys in the north are not thinking about that issue," said O'Neill in reference to the political ascent of the anti-establishment 5-Star Movement (M5S) led by Genoa comic Beppe Grillo, which took over 25% of the popular vote in recent general elections. "Italy is the third largest country in the eurozone and if they don't start to have some growth sometime soon, these guys are going to ask questions more seriously about the benefits of staying in the euro...," he continued. 
"What is the EU doing to deal with that? The EU seems to get its decisions made for it by powerful voices in certain countries particularly Germany," concluded O'Neill. On Friday, President of the Republic Giorgio Napolitano began a new round of talks with political parties after centre-left leader Pier Luigi Bersani announced that he had been unable to garner sufficient support to form a new government to replace the technocrat executive led by Mario Monti. His failure was partly due to opposition from the M5S, which now holds the balance of power in a hung parliament. Monti was brought in to replace ex premier Silvio Berlusconi in November 2011 at the height of the sovereign debt crisis in the eurozone but his government has done little to kickstart the struggling economy.
See the article here


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