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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, June 28, 2010

Goldman: $1.15 million lobbying

The best Government money can buy. Kinda says it all, don't it? You plunk down your cash and say this is how it's gonna be.

Goldman Sachs increases lobbying spending in 1Q

Goldman Sachs Group Inc. spent $1.15 million lobbying the government during the first quarter on issues tied to financial regulatory reform and the housing market, according to lobbying disclosure filings.

The $1.15 million the Wall Street bank spent during the first three months of the year is 72 percent more than it spent during the same quarter last year. It is also 67 percent more than Goldman spent lobbying the government during the final three months of 2009.

Goldman Sachs lobbied Congress, the Commodity Futures Trading Commission and the Export-Import Bank of the United States during the quarter on bank financing, financial regulatory reform, small business lending, mortgage lending, accounting rules, derivatives regulation and international tax rules.


Read the rest here

Editor's note: I won't be able to post much for a while. I've got a new site and I'm busy at work so.....


Anonymous said...

The lobbying $ is peanuts to this:

Chris Whalen of the highly respected Institutional Risk Analyst sees Robert Rubin as still pulling the strings in US financial policy and is virtually running the economic policy in the Obama Administration from behind the scenes, through surrogates.

"t comes as a surprise to many people that, despite the fiasco at Citigroup (C) and his role in causing the subprime mess (See "The Subprime Three: Rubin, Summers and Greenspan," The Institutional Risk Analyst, April 28, 2008), Rubin remains inside the circle at the White House. Nearly two decades after first migrating to Washington, he apparently is still calling the shots of U.S. financial and economic policy with the full support of President Barrack Obama. Working through his favorite marionettes, Treasury Secretary Tim Geithner and Economic Policy Czar Larry Summers, most recently Rubin managed the defense of Wall Street following the great crisis. No matter what Secretary Geithner says or when he says it in public, you can be sure that those utterances have the full knowledge and approval of his handler Larry Summers and their common political owner and sponsor, Robert Rubin.

Anonymous said...

Didn't an ex-goldman Steele head Wachovia?

They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.

The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets reports in its August 2010 issue.

This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine.

JR said...

The Goldman Sachs 'ethics waiver'

Dominic Elliott
13 Jun 2010

A powerful independent commission into the reform of the UK financial sector has pointed to a waiver in Goldman Sachs' ethics code as evidence that banks are conflicted and should be forced to hive off certain activities.

Goldman Sachs, which publishes an ethics code on its website that emphasises its "integrity and honesty", adds a rider that reads: "From time to time, the firm may waive certain provisions of this Code."

Goldman Sachs is believed never to have invoked this waiver and public companies have been required since the introduction of Sarbanes-Oxley regulations to have ethics codes. Many feature similar language.

More here:

Anonymous said...

The amount of money that can be devoted to such exercises is almost beyond belief - and the regulators turn a blind eye to such blatant manipulation that works strongly against the small or even medium-sized investor in favour of the really big ones. If there is anything that may bring the capitalist system crashing down it is, perhaps, the power of big money to rule all our lives. They are not doing God's work, as Goldman chief Lloyd Blankfein stated, but more like Mammon's.

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