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Fraud*
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, October 23, 2009

Governor Jon Corzine, GoldmanSachs Former Chairman

New Jersey Taxpayer Paying Goldman Sachs $1 Million Month For Bonds That Don't Exist by Vince Veneziani
On the fact that the bonds don't exist anymore is a red herring. The state chose to replace the bonds, voluntarily, from floating to fixed. There's no reason that should get them off the hook from a side bet.
What is interesting here is the fact that Jon Corzine is Governor of New Jersey and was a U.S. Senator.  Now N.J. taxpayers are paying "his old company".  Amaxing how former GS heads of state enter politics and through their political positions seem to continue enriching their former colleagues.  It seems like the taxpayers always pay and Goldman Sachs always receives. 

While this is a Goldman Sachs blog, the influence of influentioal politicians on their former companies are incredible.  Another example would be Vice President Cheney's former position as head of Halliburton and Halliburton getting all the private contractor work in Iraq with no bids or competiton.  And let's not foreget that Halliburton is NO LONGER an American company.  They are a Dubai corporation and it just so happens that VP Cheney was in Dubai during the Republican Convention.

Add all this to Paulson's secret meetings with Goldman Sachs execs in Moscow. Connect all the other dots we have published here as others have elsewhere and you should begin to see what is happening and who is really in control.  Goldman ex emplooyees seem to permeate throughout government.  Who do they truly represent?

WAKE UP AMERICA

4 COMMENTS:

Anonymous said...

Glass Steagall on steroids now...

Excerpt:

First let's kill off Wall Street bad boy

Goldman Sachs should be the first to be broken up. The firm would have disappeared without its US$10-billion bailout (which it paid back) and is still at the taxpayer trough, thanks to its conversion of part of its business into a deposit-taking institution to get US$26 billion taxpayer deposit insurance.

Likewise, oligopoly profits are why a handful of America’s other rescued banks also planned on handing out obscene salaries, forcing Washington this week to chop some salaries by 90% to appease an outraged public.

But slashing salaries is a one-time event that won’t work as bankers learn how to get around such salary restrictions by paying themselves through consulting contracts, by outsourcing to partners or by simply fooling regulators or co-opting politicians like they have done for years.
Governments must bust up the banking giants or risk ruination again.

Source:

http://network.nationalpost.com/np/blogs/francis/archive/2009/10/23/glass-steagall-on-steroids-now.aspx#

Anonymous said...

Ok- did anyone read this article? Wow - the the guys that run this site don't even read the articles!! The interest rate swaps used to cheapen the cost of borrowing on the bonds issued the by the state are 2 very different transactions! When the bonds were returned, the swap should have been terminated as well. Goldman has no idea what is going on with the bonds-they weren't done GS nor purpose of the IRS taken on. So the person at fault here? The Treasury of NJ!!! They manage the cash flows of the state and should've seen that this hedge was no longer needed. This site gets dumber by the day...

Cheap Viagra said...

Jon Corzine and stuff is a very concerning affair for everyone.
Ever since this started to come out to the light, I just hope everything goes well.
My personal opinion is that this is such an interesting issue!

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