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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, August 31, 2011

The Subversive Effects of Goldman Sachs $

The following article is very short and to the point: the Congressional committee called the Joint Select Committee on Deficit Reduction, which is composed of 12 members of Congress (6 from each party), received mighty contributions of cash from Goldman Sachs and the other top five American banks. Companies in the "Securities and Investment Industry" category donated $11 million from 2001 to 2010.

Here you can see first-hand what is wrong with gobs of money in the political system. The top donor to the committee is the Club for Growth, a Republican group. When large amounts of money back ideology, when money sways politicians, when money distorts and perverts rather than supports decision-making, how can progress be made and how can answers be found?

Money subverts decisions that should be made for the good of the public rather than from the wants and desires of the banks. Money muddies the decision-making process. Money distorts and sways rather than supports decisions. If it weren't so abundant, the political process would evolve with more clarity and purpose.

Citigroup, Goldman Big 'Super Committee' Donors
By Dan Freed - The Street

NEW YORK (TheStreet) -- Goldman Sachs(GS_), Citigroup(C_), JPMorgan Chase(JPM_), Bank of America(BAC_) and General Electric(GE_) all rank in the top 10 organizations in terms of their campaign contributions to a special Congressional committee charged with finding ways to reduce the deficit, according to a nonpartisan organization that studies the relationship between money and politics.

Companies classified as belonging to the "Securities and Investment industry" donated a total of more than $11 million to the 12 members of the bipartisan Joint Select Committee on Deficit Reduction from Jan. 1, 2001 through 2010.

That was second only to lawyers and law firms, which donated nearly $32 million over the same time period. Skadden, Arps, Slate Meagher & Flom is the only law firm listed among the top 10 contributors, however, which also includes Microsoft Corp.(MSFT_), the University of California and Emily's list, an organization devoted to electing pro-choice Democratic women to public office.

The top donor organization to the so-called "Super Committee" is a political action committee known as Club for Growth, which says its "primary tactic" is "to provide financial support from Club members to viable candidates to Congress who believe in pro-growth policies, limited government, low taxes and economic freedom, both in Republican primaries and general elections."

The members of the super committee are Sens. Pat Toomey (R-Pa.), Jon Kyl (R-Ariz.), Rob Portman (R-Ohio), Patty Murray (D-Wash.), John Kerry (D-Mass.), and Max Baucus (D-Mont.) and Reps. Jeb Hensarling (R-Texas), Fred Upton (R-Mich.), Dave Camp (R-Mich.), Chris Van Hollen (D-Md.), Xavier Becerra (D-Calif.), and Jim Clyburn (D-S.C.) MapLight drew upon data from the Center for Responsive Politics in performing its analysis.

Read the article here


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