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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

Sunday, July 3, 2011

Geithner and Goldman Sachs

Because of the way Geithner coddled the likes of Goldman Sachs during the financial crisis, many people thought he had worked at Goldman Sachs before working in the government. Now that he is talking about leaving his job as Secretary of the Treasury, there are some people who believe he is going back to Goldman Sachs:

Revealed: Tim Geithner's cover Letter to Goldman Sachs
By Constantine von Hoffman -bnet

Timothy F. Geithner
Department of The Treasury
1500 Pennsylvania Avenue, NW
Washington DC 20220
(202) 622-2000
HR Department
Goldman Sachs & Co.
200 West Street
New York, NY 10282

Dear Mr./Ms. Last Name:

I am writing to apply for the position of Master Of The Universe at Goldman Sachs as advertised in The Bilderberg Group Daily News. I believe my experience in experimenting on the economy playing with other people’s money makes me an excellent candidate for this position. As requested, I am enclosing a completed job application, my certification, my resume and three references. (Please call Dr. Kissinger first. He’s not getting any younger.)

I have extensive experience working for with the rich and powerful. My most recent job was as secretary of the U.S. Treasury (a situation which put a premium on diversity awareness). Even before I took the job I was the center of attention in Washington. And despite not paying any income taxes for four years, my nomination was opposed by only a third of the Senate. As Treasury Secretary, I ended all those fluctuations in the unemployment rate and kept it at a nice steady level. Despite the job’s title, I did NOT answer phones or any filing. Although I can do both while typing 120 wpm. With one hand.

Among my many other accomplishments: Helping a large number of financial institutions avoid the consequences of their actions. As many of the very large number of our mutual friends (hint, hint) will tell you, the quid pro quo on this — cutting executive salaries and perks while limiting dividends and corporate acquisitions — was strictly window dressing. Remember the bonuses AIG paid to executives in its Financial Services division after receiving $170 billion in bailout?

Prior to my current position I served as president of the Federal Reserve Bank of New York. It was in that job, when I got Bear Stearns a $30 billion bailout, that I discovered my true vocation: Giving large amounts of other people’s money to down-on-their-luck wealthy institutions. This was very important to help the economy, no matter what Paul Krugman says. I mean really, what’s he ever done?

In closing I would just like to say how much I respect and admire your CEO, Lloyd Blankfein, whom everyone agrees is very spry for a man of his age.

Very Sincerely Yours,


P.S.: Don’t believe what you read in the press about me: I still want the job. Actually, just don’t believe anything about me you read in the press. Call me!

You can read the original here and comments of interest here


Anonymous said...

Maybe Pandit will hire him...this never would have happened without Timmy's help..that fund and bank were toast!

Pandit’s Payouts Climb Toward $200 Million as Top Bailout Recipient Slips
Citigroup Inc. (C) Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.

Pandit, 54, will get the $80 million from Citigroup’s purchase of his Old Lane Partners LP hedge fund tomorrow, according to regulatory filings. The deal brought him to the lender in July 2007. JPMorgan Chase & Co. (JPM), which remained profitable through the financial crisis, has disclosed about $90 million in awards for CEO Jamie Dimon since 2007.

Suzan said...

I wanna work for those guys.

And drive the US even further underground financially.

Because that scheme is the only one I've witnessed that actually creates paying jobs stateside.

- Unemployed MBA

Anonymous said...

Obama’s Original Sin

Obama arrives at his reelection campaign not merely with a weak performance on Wall Street crime enforcement and reform but also with a scattershot record (at best) of focusing on the main concern of Main Street: joblessness. One is a consequence of the other. His failure to push back against the financial sector, sparing it any responsibility for the economy it tanked, empowered it to roll over his agenda with its own. He has come across as favoring the financial elite over the stranded middle class

The roots of Obama’s capture by the corporate axis of influence inexorably trace back to his own personal Zelig, the former Clinton Treasury secretary and Harvard Corporation stalwart Robert Rubin. In The Audacity of Hope, published in late 2006, Obama called Rubin, then busily cheerleading the excessive risk at Citigroup, “one of the more thoughtful and unassuming people I know.” Two years later, when Citi cratered and threatened to take the economy with it, Rubin demonstrated his unassuming thoughtfulness by denying that he had anything to do with the toxic investments that cost taxpayers a $45 billion bailout and 52,000 Citi employees their jobs.

And so a parade of Rubin acolytes entered the White House, led by Geithner, a nearly lifelong civil servant so identified with the financial Establishment that even Mayor Bloomberg mistakenly introduced him as a Goldman alumnus at a public event in New York last year.

Joyce said...

That last link especially describes how Rubin made sure that Wall Street got what it wanted.

Anonymous said...

Remember Pandit(see above)...guess he forgot people actually put themselves on the line for the country!

Sergeant Sues Citi Over Home Foreclosure

NEW YORK—A sergeant in Texas's National Guard has sued Citigroup Inc., alleging the bank foreclosed on and auctioned his home while he was in training to deploy to Iraq, a possible violation of a law meant to protect military borrowers.

The New York bank had not previously been implicated, as some of its peers had been, in possibly violating the Servicemembers Civil Relief Act, a law that forbids foreclosing on active-duty military members and caps interest rates on their loans.

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