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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, August 9, 2012

Goldman Sachs Likes Romney's Anti-Regulation Stance

You would think that Goldman Sachs would still have some regard for Obama as he kept them from being criminally investigated and possibly from being prosecuted for accounting control fraud.  However, Goldman is known to spread its lobbying largess to both parties so loyalty does not mean much here.

Who would not be surprised that Goldman thinks government regulations are bad news for banks even though Dodd-Frank has no where near the clout it needs to fully reform a badly broken financial system?

Goldman will only be happy when all regulations of the financial system are done away with.  Apparently, Romney is promising to do that.
Goldman Sachs Leads Split With Obama as GE Jilts Him Too
By Jonathan D. Salant - Bloomberg Businessweek
. . . .
The Goldman shift could be attributed to both the company’s opposition to the new banking law and its relationship with Romney, said Kersh. 

“As Bain CEO, Romney hired Goldman bankers to underwrite Bain-managed IPOs, and Goldman investment managers supervise tens of millions of dollars of Romney’s personal wealth,” he said. “That type of close personal link to a particular industry or company has aided presidential candidates in the past and is paying off handsomely for Romney now.” 

Read the whole article here


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