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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

Monday, April 15, 2013

Goldman Sachs Continues Its Monstrous Paydays

If you think fraud does not pay, think again.  The big pay and bonuses for 35,000 UK employees of Goldman Sachs is back big time.  While other employees in the UK share austerity measures, Goldman Sachs lines its pockets with bushels of money.  Do you suppose that Blankfein is getting his biggest payday since 2007 because he was able to pay so little in the way of fines for frauds committed by the bank and thus saved the bank a lot of money?
Cash bonanza anticipated for Goldmans [sic] workers as firm sets aside £2.75bn pay and bonus pot
By Simon Watkins - This is Money

Bankers at Goldman Sachs - including its 6,000 London staff - are in line for another bumper year as results this week are forecast to show average pay packets of £85,000 for the first quarter alone.

The figures from the high-paying investment bank are expected to show that it has set aside about $4.2billion (£2.75billion) to cover salaries, bonuses and other benefits for staff for the period.

Read the article here 


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