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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

Friday, August 31, 2012

Goldman Sachs is Everywhere!

At the end of the following article in the Huffington Post is a pictorial depiction of the influence of Wall Street (and, of course, the influence of Goldman Sachs) on the government:

Wall Street And Washington Share Millions Of Dollars, Lot of People
By Jillian Berman - Huffington Post

The close relationship between Wall Street and Washington belies their 200 mile separation and theoretically differing goals.

By spending money on campaigns and lobbyists, The financial industry has managed to give itself something of a voice in the halls of Congress, regulators’ offices and even the White House. Of the top ten firms with employees donating to Romney's campaign, eight are big banks, according to Federal Election data cited by Bloomberg. In addition, Wall Street spent more than $100 million last year on lobbying while the provisions for the Dodd-Frank financial reform law were being finalized, according to The New York Times.

But it’s not just money that Wall Street is sending to Washington. It’s people too, with major officials like President Obama’s chief of staff Jacob Lew and top regulators like Commodity Futures Trading Commission chairman Gary Gensler having spent time working at a big bank at some point in their careers. 
Read the whole article here


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