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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, October 16, 2010

The Goldman Sachs Revolving Door is Open Again

This time a National Security Advisor is chosen who was a lobbyist for Fannie Mae and former consultant to Goldman Sachs. There are other choices that could be made but the shiny thing that is Goldman is just too enticing and too convenient.

Why is Obama putting a Fannie Mae/Goldman Sachs lobbyist/consultant as NSA?
By: Timothy P. Carney
Senior Examiner Columnist

Obama last week tapped Tom Donilon as National Security Advisor. What’s Donilon’s resume? I summarized it when folks floated his name as potential White House chief of staff:

He was a top lobbyist at Fannie Mae during the housing bubble, when Fannie fought — with Democratic help — to avoid any restrictions or curbs on its work to inflate home values and get more people under mortgage. Before that, Donilon was a lobbyist at O’Melveny and Myers, where Fannie was a client.

In 2008, according to his financial disclosure forms, Donilon was a paid consultant for Citigroup, Goldman Sachs, and Apollo Investments.

Rep. Cliff Stearns, R-Fla., had a similar reaction to the NSA news, putting out this press release:

“Now that we’re in a post 9/11 environment we need a National Security Advisor who has a history of expertise with security issues to protect us against terrorists and not a lobbyist who has a history of running our economy into the ditch as Senior Vice President & General Counsel for Fannie Mae and a lobbyist for Goldman Sachs”

Read more at the Washington Examiner here

You may want to read Rep. Cliff Stearns press release link here


leslie said...

In May 2005 we deposited and invested $200,000 in Real Property, where we recently found out that $118,800 was embezzled out of our property from Mortgage Lenders and Trust Brokerage Companies, namely Goldman Sachs through an escrow Transaction. The $118,800 in funds was paid to these embezzlers from the Investors unbeknownst that the securitization happened by encumbering our property and making up a fraudulent fake Promissory Note and Deed of Trust.

See the link for further information:

Anonymous said...

But Leslie everyone's asking..

"The Question Is Whether Our Economy Is Governed By Any Kind Of Rule Of Law"
Paul Krugman writes:

The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.

and as you can see from above relationship between goldman and gov't that the sheriff rarely jails his partner.

Anonymous said...

How coincidental...

Scuttlebutt On The Street: David Tepper

What does Tepper's fund hold?

where did Tepper find his step-per..

. Ran junk bond desk at Goldman Sachs, failed to become a partner.

all these coincidences just boggle the mind!

Anonymous said...

Geez...if history is any have to be careful listening to cheerleaders...don't you think?

How Countrywide Covered the Cracks

“Countrywide’s future’s going to be great. You know, it’s always been great,” he told CNBC at the time. “So I think, down the line, this is going to be a better company, a more profitable company and a company that’s going to be a great investment for shareholders as we continue down the line. Because the market ultimately will come to us. This is America. People want to own homes.”

PRIVATELY, however, Mr. Mozilo had long been worried about some of the loans his company favored, as indicated by e-mails he sent to his deputies. And this gulf between Mr. Mozilo’s private views and his public proclamations went to the heart of the S.E.C.’s case against him.

JR said...

I have read the documentation provided by Leslie on the GS Loan Embezzlement Scheme. It is profoundly sad that we cannot trust our financial institutions any longer. I hope that the family will finally have a decent day in court and that GS will be made to pay for the fraud that is detailed here.

Anonymous said...

Don't bet on it...this is like barbarians at the gate..only its our's F%$&ing appalling!!!!!!!!!

Guest Post: Foreclosure Counterattack – Propaganda, Pseudo-Legality, and Thuggery
The first line of defense is the propaganda line that this is just a technical glitch, not a fundamental problem with the loan or the security, or any kind of systematic intentional fraud. So far this has been the preferred PR line for the administration and the mainstream media. But the banks are also working the line that no matter what the flaw, it can simply be legalized by legislative brute force.

Rather than deal with the considerable consequences of these abuses, the banks are prepared to bulldoze well settled state laws to give them an easy way out. And I’m not basing my view on this story alone; I had a conversation yesterday with a Congressional staffer who matter-of-factly said (but with little understanding of the underlying issues) that Congress would intervene on behalf of the industry, via its authority over national banks.

Congress took one step in this direction by frantically grabbing and unanimously passing a pre-existing bill which would require all states to accept the weakest state-authorized electronic notarizations. This would be only a minor fix of one of the technical issues, and isn’t very important in itself. But it probably foreshadows the far more expansive legislation we can expect to see after the election. Bolstering all of this, the banks are making extortionate threats against the real economy. They promise to wreck it even further if they aren’t given a clear path on this.

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