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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

Monday, April 23, 2012

Goldman Sachs Employees Donate to Super Pacs

Rather than having a small foundation like Needmor Fund insisting on Goldman giving details about its lobbying activities, wouldn't it make more sense to legally require that all the lobbyists reveal whom they lobby, tell which political candidates they support via Super Pacs and reveal how much they spend on both?  The voting public would be greatly assisted in making better decisions when a full accounting of Goldman's money for lobbying and supporting campaign funds is made public, by law.

A non-binding proposal for disclosure by a foundation is not enough to serve the public good.
Goldman Sachs under pressure to reveal lobby ties
Should the bank name the groups it helps?  Investors to vote May 24
By Ronald D. Oral - MarketWatch

WASHINGTON (MarketWatch) — The Needmor Fund, a small foundation based in Toledo, Ohio, wants Goldman Sachs to lift the veil on its lobbying activities and the advocacy groups it backs financially. 

“Goldman Sachs has become a target for public criticism recently,” said Needmor executive director David Beckwith. “As owners we are concerned that the company uses its power and money in a responsible way as it seeks to influence public policy.” 

The fund, which has roughly $24 million in assets, has set up a shareholder vote at the company’s May 24 annual meeting on a nonbinding proposal calling on Goldman GS -1.16%  to reveal its lobbying activities — in detail. 

Dozens of other U.S. public corporations are, like Goldman, facing pressure from a variety of shareholder groups to shine a light on their lobbying work and bankrolling of political candidates.
But as a lightning rod for anger since the financial crisis, Goldman’s policies are ripe for heightened scrutiny in the debate. 

Earlier in April, the firm paid a $22 million penalty to settle Securities and Exchange Commission allegations that it didn’t have policies to prevent analysts from sharing nonpublic information with the firm’s traders. In March, Goldman was beset with a cause celebre over one of its executives who announced his resignation via a New York Times op-ed bemoaning the culture at the firm to be “as toxic and destructive” as he has ever known it.
SEC rules
All the while, Goldman has been a central player in the financial services industry’s response to the Dodd-Frank financial-oversight legislation.
Part of their lobbying focus is directed at government agencies like the Securities and Exchange Commission and bank regulators including the Federal Reserve while regulations are being written. Both, which are writing regulations based on the statute. 

Goldman also is lobbying lawmakers on energy, tax, banking and housing policy issues, according to congressional reports.
Read the full article here


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