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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 22, 2010

Goldman Sachs Revolving Door Update

Here's the latest update on the Goldman/Government/Goldman/Government revolving door from HuffPo.

Goldman Sachs Revolving Door
How times flies! Almost a year ago, we reported on Goldman Sachs's close ties to the government, highlighting the firm's long tradition of executives going to work in public service (as well as the reverse), noting that the links raised questions about potential conflicts of interest for a firm that benefited from a multi-billion-dollar bailout.

Since then, the scrutiny of Goldman has risen to a whole new level, with the SEC alleging that the firm committed securities fraud, federal prosecutors probing its subprime-mortgage-related activites and lawmakers grilling the firm's top executives.

And the revolving door continues to turn -- plenty of former Goldman staffers now work at a range of agencies from the SEC to the Treasury Department. To win friends and influence people in Washington -- and sway the pending financial reform legislation -- Goldman fields a deep bench of lobbyists with plenty of experience in politics, as noted by CBS News and the HuffPost Investigative Fund.

Check out our slideshow of Goldman's Revolving Door: The New Edition:


JR said...

Here's the take on how a company profits from its successes AND its mistakes. I get really pessimistic with stories such as this one:

JR said...

Now here is what I have been waiting for--a people protest against the banks on June 7:

JR said...

Here's the information regarding that demonstration on June 7. I wish I could be there!!

Tell Goldman Sachs to Give Our Money Back!

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