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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

Wednesday, September 15, 2010

Goldman Sachs Becomes Republican?

What a disgrace that large banks like Goldman Sachs can place their bets on candidates for government as easily as they can make a killing in the financial markets! So much money is thrown at those running for office that it is no wonder that all politicians look as though they are bought and paid for and, thus, owe some allegiance to those who have given them the big bucks. How could it be otherwise?

There is a solution: if all those running for office had a cap on the monies they could spend in each election, then all would be playing on a level field and the politicians would be forced to speak with their mouths rather than their pocketbooks. What a fantasy!! It will never happen because politicians are not known for voting against their personal interests and for the interests of the country as a whole. They love their bonuses as much Wall Street loves its bonuses. They are bonuses, right?

Washington and Wall Street don't make strange bedfellows; they are in bed together!

Goldman Sachs Goes Republican
Pro-GOP Tide in Donations Follows Financial Reform Seen as Anti-Wall Street

If you needed a reminder that Wall Street and Washington make the strangest of bedfellows, new research shows that Goldman Sachs donated more money to Republicans than Democrats for the first time in decades. The latest data from the Washington D.C.-based Center for Responsive Politics shows that Goldman has doled out roughly $914,000 to Republican candidates compared to about $776,000 to Democrats in this year's election cycle.

"I think that Wall Street and other large donors have become not too much unlike the electorate at large – sort of willing to change," said Jennifer Duffy, senior editor of the Cook Political Report, one of the nation's leading non-partisan political handicappers.

The shift is all the more striking considering that in a 20-year period covering 11 election cycles, Goldman donated nearly $21 million to Democrats, almost double the $12 million it gave Republicans, according to data released by the Center for Responsive Poltics last week.

Read the rest of the article here


JR said...

Here's a very good essay by Nomi Prins on how the Fed acts against its own policies:

JR said...

Another good essay (this time by Mike Whitney) on the meltdown of September 2008:

JR said...

Do you want to know exactly how large corporations control government? Read the following by Shamus Cooke:

Anonymous said...

Connect the dots?

Meg Whitman Becomes Biggest Self-Funded Candidate in History

Meg Whitman, the former EBay Inc. chief executive officer, has contributed $119 million of her own fortune to her campaign for California governor, making her the biggest self-funded candidate in U.S. history.

Whitman feels heat as Goldman's image tarnishes

Anonymous said...

'Goldman Conspiracy' helps China defeat U.S.
Commentary: By 2040, China's the new global supereconomy

China must be quietly cheering as America's "bloodsucking vampire squid" sucks the life out of our capitalism and democracy, as the Goldman Conspiracy's insatiable greed aggressively sabotages America from within.

Get it? China is very effectively using the out-of-control Goldman Conspiracy greed machine as a vital weapon in China's two-pronged global strategy against America, over in China and back here in America. And tragically, Goldman's insatiable greed is so blinding that Goldman has lost the ability to see the long-term consequences of its sad un-American behavior.

Today, the Goldman Conspiracy is America's unfortunate Black Swan, a Trojan Horse helping our enemy abroad, undermining our economy back home.

Anonymous said...

Paulson's fear...?...the net worth of his buddies...and his reputation!

The Story of Lehman’s Collapse – Hank Paulson with more Revisionist History

Anonymous said...

Hank meet Warren...oh that's met on the "transfer payments" line..

Tap Dancing on A Land Mine

I guess I’d be bullish on America, too, if companies I invested in (Wells Fargo, American Express, GE and Goldman Sachs, to name a few) all got taxpayer bailouts to help them survive the economic meltdown in 2008. Mr. Buffett might not look so smart or be so optimistic if those bailouts had not happened.

Anonymous said...

This is silly. This is not a case of Goldman placing "their bets on candidates for government as easily as they can make a killing...". You do realize that this money is coming from individual Goldman employees and not from the firm itself don't you?

Anonymous said...

@this is silly...your naive...all roads lead to Rome!

JR said...

For "this is silly." If you worked for Goldman Sachs and you knew management was supporting the Republicans with this go-round of elections, who would you pay your money to? GS is one big, happy family that stays together and pays together, right?

Jr Deputy Accountant said...

I assume this is because the Goldman rats know the sheep are tired of the current regime already and will likely go Republican this election season. I'm shocked that they haven't also been backing Tea Party candidates... or maybe they have and we just haven't gotten the memo yet.

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