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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

Thursday, May 31, 2012

Goldman Sachs's Revolving Door at Romney's Bailiwick

We know that Goldman Sachs guys have infiltrated government, made policy to suit their own banking interests while there (see Robert Rubin and Hank Paulson) and left government to work in academia (where they can teach all the neat things they learned on Wall Street!) or in finance (Citigroup and as advisor to Obama).

Does government feel we need any more bad advice from banks like Goldman Sachs?

Now we see that Jim Donovan, a managing director of Goldman Sachs, is advising Mitt Romney and supporting his campaign for President with large donations.

The disease that is Goldman Sachs's political influence is all-pervasive.
Goldman Sachs Exec Serves As Advisor To Romney
By FINalternatives

Jim Donovan, Goldman Sachs

Jim Donovan, a managing director at Goldman Sachs, is not only a close business associate of the presumptive Republican nominee for President; he is also Mitt Romney’s good friend and trusted advisor.

Donovan, an investment banker, has handled Romney's relationship with Goldman for years. It has been a lucrative one for both sides: Romney and his wife, Ann, have entrusted much of their estimated $250 million fortune to Goldman. And it is no secret that Goldman has advised private equity giant Bain Capital—where Romney was an executive—on many of its transactions.

The relationship is so close that it even merited extensive unpacking in a January New York Times article.
Read the entire article here


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