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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

Friday, May 31, 2013

Life is Good for Goldman Sachs Executives and Employees

No one admits or denies wrongdoing any more--not the perpetrator of the fraud or bribery (referred to with some humor as 'pay-to-play-scheme') who is Neil Morrison, and not the bank he worked for, who is Goldman Sachs.

The regulators treat bankers very well indeed.  "Sanction" is a contronym and is, therefore, a perfect description of the non-penalties handed out by the SEC to bankers who commit fraud.
Former Cahill aide, Goldman Banker fined $100,000
By Frank Phillips - The Boston Globe

In its toughest sanction yet on pay-to-play-schemes, the Securities and Exchange Commission has ordered Neil M.M. Morrison, a former investment banker at Goldman Sachs and former top aide to ex-state treasurer Timothy P. Cahill, to pay a $100,000 civil penalty for his role as chief political adviser and fund-raiser for Cahill.

The agency’s order also bars Morrison from working in the securities industry for five years as part of the negotiated settlement that brings to an end a 2½-year investigation into his activities as campaign fund-raiser and chief adviser to Cahill’s campaign for governor in 2010.

SEC regulations prohibit investment professionals from using campaign contributions to influence how contracts for securities underwriting are rewarded. The penalties levied against Morrison Thursday are the most severe the SEC has imposed in such enforcements, said Elaine C. Greenberg, the chief of the agency’s municipal securities and public pension unit.

Read the whole article here


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