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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, September 4, 2011

R-e-v-o-l-v-i-n-g D-o-o-r and Goldman Sachs, Yet Again

As reported in Bloomberg, the Chair of the SEC, Mary Shapiro has asked Eileen P. Rominger to join the SEC's investment management division. In one year (2010-2011), Rominger made $57.5 million at Goldman Sachs as well as millions in investment income. She worked for Goldman Sachs for 11 years and retired as global chief investment officer there.

Rominger will work overseeing mutual funds and hedge funds under Dodd-Frank Act rules. She will earn $220,000 at the SEC.

Do multimillionaires (like Hank Paulson) make the best regulators? Does Goldman Sachs have a reputation for lobbying against Dodd-Frank? Has Goldman Sachs supported deregulation of the financial system forever?

You already know the answers to those questions! Now weep.

Ex-Goldman Exec Started SEC Job After Earning $57 Million
By Jesse Hamilton - Bloomberg

Weeks after Eileen P. Rominger left Goldman Sachs Group Inc. (GS), she took the helm of the U.S. Securities and Exchange Commission’s investment management division as one of the wealthiest people to ever join the agency.

Rominger reported $57.5 million in income from New York- based Goldman Sachs in a financial disclosure form covering 2010 and 2011. She also reported making $2.3 million to $13.2 million in investment income since the start of 2010.

Rominger, 56, retired as global chief investment officer at Goldman Sachs Asset Management in December after 11 years with the firm. She was appointed by SEC Chairman Mary Schapiro in January to replace Andrew J. “Buddy” Donohue at the helm of the division that oversees mutual funds and will handle new oversight of hedge funds required by the Dodd-Frank Act.

The financial disclosure, obtained by Bloomberg News under a public records request, asks for ranges rather than specific dollar figures. It showed Rominger holding $9.3 million to $31.3 million in assets, at least $4 million of that in JPMorgan Chase & Co. (JPM) money market accounts.

She listed compensation received from Goldman Sachs from January 2010 through July 2011 on two lines, one totaling $46.8 million and one for $10.7 million. It was unclear in what time period she may have earned the compensation.

The form didn’t specify whether the compensation consisted of salary, accumulated retirement benefits or other payments.

Federal officials are required to submit regular financial disclosure reports that detail income, assets and debt.

Rominger declined to comment on the disclosure report.

Judith Burns, an SEC spokeswoman, estimated Rominger will earn about $220,000 for her first year at the agency.

Millionaire Officials

Rominger is not the first regulator to report to work with an ample bank account. Another Goldman Sachs alumnus, former Treasury Secretary Henry Paulson, amassed more than $500 million in a career that peaked with his job as chief executive officer of the Wall Street firm. Another Treasury Department official, Mary Miller, assistant secretary for financial markets, left a 26-year career at T. Rowe Price Group Inc. with about $15 million in stock options.

At the SEC, Schapiro arrived with an $8.99 million final distribution from her job as chief executive officer at the Financial Industry Regulatory Authority, including vested retirement benefits. One of her predecessors at the SEC, William Donaldson, owned assets worth $44 million to $129 million, including stocks in more than 50 companies, when he got the job.

Industry Expertise

As SEC chairman, Schapiro has sought to increase hiring of people with financial-industry expertise in response to criticism that the lawyer-dominated agency lacked the practical experience needed to police increasingly complex markets.

Read the entire article here


Anon said...

Guess no one read the article?..or better yet no one gives a ....!

Matt Taibbi on the SEC and Wall Street

Rolling Stone writer Matt Taibbi discusses his latest article, “Is the
SEC Covering Up Wall Street Crimes?”  For the past two decades,
according to a whistle-blower at the SEC who recently came forward to
Congress, the agency has been systematically destroying records of its
preliminary investigations once they are closed.

Anon said...

I wonder what she thinks about this?

Wall Street Banks: Too Big To Be Accountable For The Subprime Crisis?

So what that means is that Goldman is already in positions and is front-running their clients.  Now that's really delivering the promise of putting the interests of clients first. Moreover, there could be some potential conflict of interest.  

That is, on one hand, Goldman is getting compensated to market the
sovereign bond of Spain, but on the other hand, Goldman has put in
positions and advised its big clients to bet against the Euro and
European banks, which is, in essence, betting against the Spanish bond
the firm is supposed to facilitate sales, albeit indirectly.

GS666 said...

Business as usual.  As I keep saying, an ongoing criminal activity.
Screw everyone for their own gain.  The "new" American way.

GS666 said...

Unfortunately, most people really don't give a....!

But in fairness to many, they are to preoccupied with survival.  A preoccupation designed by our leaders (The U.S. Department of Goldman Sachs) along with our elected officials. 

By keeping us "hungry" they keep us under control.  Ever wonder how dictators gain power and stay in power. Ever see a dictatorship where the people enjoy a good lifestyle?  No, only the select few.

We sacrifice our young men and women in the name of a democracy that we ourselves do not enjoy.  Remember these words, we live in a democratic dictatorship. 

Anon said...

WHo Do You THiNK BuiLT AMeRiCa?

Watch the news this Labor Day. You will
have the unique opportunity to hear and see politicians, robbers,
thieves and human strip miners tell you about how they have the best
interests of "working" American men and women at heart.

There is an insidious disease eating
America's guts out. The infection took hold years ago and has spread
slowly but surely as the light of day.

The patient is now critical.

Joyce said...

Both Larry and Joyce has made references to and posted links with Matt Taibbi's article about the whistleblower at SEC.  We do give a care!

Joyce said...

"have" that should be!

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