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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, August 5, 2012

Goldman Sachs's Continued Influence on Government

Where do the guys from Goldman Sachs stand with President Obama?  Take Jon Corzine, for example, formerly of Goldman Sachs and former Governor of New Jersey, who blew up MF Global and "lost" more than a billion dollars of investors' money.  Obama is an admirer of Corzine who helps him to raise money for his election campaign.

Meanwhile, the investigation into Corzine's malfeasance is going nowhere.  Bankers just do not have to pay for their crimes.

Obama's Wall Street Donor Hypocrisy
By Nancy Pfotenhauer - USNews
. . . .

Being somebody who was once individually worth half of a billion dollars and used to be the governor of a densely-populated U.S. state gives you some clout. It also helps that MF Global was a client of a law firm that used to employ Attorney General Eric Holder and several other current Department of Justice employees, and that its bankruptcy proceedings are being overseen by another crony capitalist connection. Now, it is a fact of D.C. life that high-ranking political appointees at executive branch agencies and departments eventually want to return to their more-lucrative private sector jobs. That challenge becomes more difficult if they come out hard against former clients. The fact that Corzine has directed millions at Obama's two presidential campaigns can't hurt either. So in all reality, there will be few consequences other than personal humiliation for the people who somehow lost track of $1.2 billion in shady accounting scheme.

President Obama has talked a tough game about holding Wall Street accountable and defending the middle class, but his administration has actually done very little to prosecute even the worst offenders. Financial fraud prosecutions are down 39 percent since the Enron and Worldcom scandals, hitting 20-year lows. During similar crises, such as the S&L scandal in the early 1990s, thousands of prosecutions were brought against the financial industry.

Read the full article here 


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