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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, May 4, 2013

Goldman Sachs's Newest Employee Knows All About Stealing and Lying

Although there is some satisfaction in seeing one bank chisel away information and labor from another bank, we still must abhor the methds banks use to compete with each other.  When they treat each other with cutthroat tactics, how much more pitiless would they treat clients and anyone not from their world?

Goldman's newest employee, Agostina Pechi, will fit right in with the ethical stance of the bank's executive.  Lying, stealing and fraud are the new norms for doing financial business where finance has already proven itself corrupted and corruptible. 

This is the world we now live in:

Credit Swisse Sues Ex-VP Who Left for Goldman
By Eric Larson - Bloomberg Businessweek
Credit Suisse Group AG (CSGN) sued its former vice president of emerging markets, Agostina Pechi, claiming she stole the bank’s trade secrets in a bid to win clients for her new employer, Goldman Sachs Group Inc (GS).

In February and March, Pechi secretly sent e-mails with client lists and other confidential bank information from her work account to her personal inbox, and printed “critical transaction documents” late at night from her office, when she was supposed to be on vacation, Credit Suisse (CSGN) said in a complaint filed yesterday in state court in Manhattan.

Pechi, who made $950,000 last year and lives in New York, resigned from the Zurich-based bank on April 2, telling Credit Suisse’s human-resources department she was accepting a position at New York-based Goldman Sachs (GS), according to the complaint.
Read the rest of the article here


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