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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, July 6, 2011

Goldman Sachs's Jon Corzine Pushes on the Revolving Door

The President is so unaware of the image he is creating by becoming chummy with Wall Street, especially with Goldman Sachs. So Jon Corzine is helping Obama to get re-elected and fundraising for him. Is there not one other guy that could do the job?

There are rumors about that if Obama gets re-elected, the post of Treasury Secretary could go to Corzine. Corzine did not have a cozy relationship with Hank Paulson when they were co-CEOs of Goldman Sachs, but to have another Goldman Sachs guy in a seat of power in government is just not acceptable and does not make sense except in a negative way.

President Obama Calls Jon Corzine "Our Wall Street Guy"
By Courtney Comstock - Business Insider

President Obama recruited the former Goldman Sachs CEO Jon Corzine to help him fundraise for his re-election campaign, according to the NYPost.

The main news is that Corzine has been working on Obama's 2012 campaign for months. IE: He hosted a fund-raiser at his Fifth Avenue home for Obama. He's attended secret meetings with Obama, and he organized a meet-and-greet at the Four Seasons for key finance-industry execs and Obama's new chief of staff, former banker Bill Daley.

But the Post also has these 2 tidbits:

Success could resuscitate his political career with a top post -- such as treasury secretary or a key ambassadorship -- if there is a second Obama term. Obama campaigned heavily for Corzine in his failed re-election bid, calling him "our Wall Street guy."

Obama using the term "Wall Street" even somewhat endearingly is surprising. Corzine as a possible Geithner successor isn't so surprising because it makes sense, but it's the first time we've heard his name thrown into the ring.

Read the whole article here


Anonymous said...

Goldman took biggest loan in Fed emergency program

(Reuters) - Goldman Sachs, Lehman Brothers, and European banks RBS and UBS were the biggest beneficiaries of very short-term Federal Reserve loans extended at the height of the financial crisis, according to data released on Wednesday.

How convenient...

2 Years of Executives’ Pay Can Be Seized Under New Rule

It's one big joke...on the regular this guy says!

Raise the Debt Ceiling... Don't Raise the Debt Ceiling...

Anonymous said...

New Jersey Pays Goldman Sachs for Swaps on Nonexistent Bonds

Oct. 23 (Bloomberg) -- New Jersey taxpayers are sending almost $1 million a month to a partnership run by Goldman Sachs Group Inc. for protection against rising interest costs on bonds that the state redeemed more than a year ago.

In New Jersey, the 3.6 percent fixed rate the trust fund is paying on the swap has pushed the cost to taxpayers of the original $345 million borrowing to 7.8 percent, the most the authority has paid since it was formed in 1985, according to records posted on its Web site.
The payments are draining money from a dwindling account that may not be able to support new projects because the $895 million in annual gasoline taxes and toll revenue dedicated to the fund will be needed to pay debt service on $10.3 billion in obligations. To help prop up spending, officials have suggested raising New Jersey’s 14.5 cents-a-gallon gasoline levy, the fourth-lowest among U.S. states, according to research by the Tax Foundation, a Washington, D.C.-based research organization.

“I’m sure there’s an explanation,” Corzine, 62, said during a brief interview as he left a contractors’ convention in New Brunswick, New Jersey, on Oct. 14. “They don’t just send money out.”

Anonymous said...

Frank Rich Blasts Obama For Letting Wall Street Off the Hook

Rich goes on to argue, very convincingly, that Obama decided to pass on the unemployment issue because he accepted the advice of Bob Rubin acolytes like Tim Geithner,

Anonymous said...

Killing Old People Is Fiscally Responsible

"The fiscal good has to outweigh the pain," a nameless Democrat told the Washington Post regarding President Obama's latest proposal to massively cut Social Security, against the wishes of the vast majority of Americans, in order to fund a military 670% larger than the next largest in the world, keep in place tax cuts for billionaires, fail to tax corporations or estates or investments or carbon, and balance a budget that nobody gives a rat's ass about balancing when Wall Street comes asking for handouts.

You are the bad guys. You're a heartless, murderous, plutocratic power-monger trying to please the Washington-Wall Street establishment despite being the goddamned president of the United States.

Joyce said...

Both Frank Rich's article on Obama and Matt Taibbi's comments on it are important to read.

Anonymous said...

Enhancing Jon Corzine in the filings…

We thought about some of those oh-so subtle changes as we were reading the proxy that MF Global (MF) filed yesterday. As we skimmed the section on Chairman and CEO Jon Corzine, we thought it was interesting that the company added this sentence about Corzine’s experience at Goldman Sachs (GS):

Mr. Corzine also initiated and led the firm’s successful decision to go public in 1998-1999, a decision which secured its permanency of capital and facilitated its expansion of global activities.

Now, maybe this is just a subtle change: making Corzine out to be the guiding light on Goldman’s decision to go public and move away from a partnership. But as we say regularly, there are no accidents in SEC filings. Everything is there for a reason.

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