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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, January 29, 2012

Ubiquitous Goldman Sachs Part II

The power of Goldman Sachs is still astonishing. The bank has been mentioned by two of the Republican candidates in both positive and negative ways. It does not seem to matter which role Goldman finds itself in--it is a force that changes the way politics is discussed and it will influence whoever is President after the 2012 elections.

Goldman has become the hook on which everyone seems to hang their beliefs. Below are two such hooks from different articles:

Gingrich Jab at Goldman Sachs Belies Pro-Bank Policy Proposals
By Julie Bykowicz - Bloomberg BusinessWeek

Jan. 27 (Bloomberg) -- Newt Gingrich took aim at Wall Street and by extension Republican presidential opponent Mitt Romney yesterday as the former U.S. House speaker said he isn’t running for president to “represent Goldman Sachs.”

Yet the investment firm Gingrich derided and the banking industry as a whole stand to gain from his proposals to eliminate the capital gains tax and repeal two financial-sector measures, four analysts said in separate phone interviews.

Gingrich’s tax package, which also calls for a reduction of the personal income and corporate tax rates, would be beneficial to many on Wall Street, including those at Goldman Sachs Group Inc., an investment banking firm based in New York, the analysts said.

Read the rest of the article here

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Close Ties to Goldman Enrich Romney's Public and Private Lives

By Nicholas Confessore, Peter Lattman and Kevin Roose - New York Times

When Bain Capital sought to raise money in 1989 for a fast-growing office-supply company named Staples, Mitt Romney, Bain’s founder, called upon a trusted business partner: Goldman Sachs, whose bankers led the company’s initial public offering.

When Mr. Romney became governor of Massachusetts, his blind trust gave Goldman much of his wealth to manage, a fortune now estimated to be as much as $250 million.

And as Mr. Romney mounts his second bid for the presidency, Goldman is coming through again: Its employees have contributed at least $367,000 to his campaign, making the firm Mr. Romney’s largest single source of campaign money through the end of September.

No other company is so closely intertwined with Mr. Romney’s public and private lives except Bain itself. And in recent days, Mr. Romney’s ties to Goldman Sachs have lashed another lightning rod to a campaign already fending off withering attacks on his career as a buyout specialist, thrusting the privileges of the Wall Street elite to the forefront of the Republican nominating battle.

Newt Gingrich, whose allies have spent millions of dollars on advertisements painting Mr. Romney as a heartless “vulture capitalist,” seized on Mr. Romney’s Goldman ties at Thursday’s Republican debate in Florida, suggesting that he had profited through Goldman on banks that had foreclosed on Floridians. And as the fight over regulation of financial firms spills onto the campaign trail, Mr. Romney’s support for the industry — he has called for repeal of the Dodd-Frank legislation tightening oversight of Wall Street — may draw more fire.

Read the rest of the article here


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