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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, November 25, 2012

Congress, Don't Pay Attention to Goldman Sachs

Lloyd Blankfein should get his facts straight before offering advice to Congress about decreasing Social Security benefits.  But then Goldman is not noted for its fair treatment of factual information when it is selling toxic CDOs, so why should we be surprised.

Look at the article below and see how much more Social Security would benefit the working guy if we just taxed Blankfein's huge salary and bonuses:
Fiscal Cliff Primer:  Should Congress Take Social Security Advice From Bailed-Out Goldman Sachs CEO Lloyd Blankfein?
By Zach Carter and Jason Linkins - Huffington Post
. . . .
Taxing Blankfein's 2011 salary and bonus would yield $606,347.60 for Social Security, or 41.1 years worth of average benefits. Given that the life expectancy of American men who reach age 65 is currently 83.1 years, one year of Social Security taxes on Blankfein's full salary and bonus could fund the entire retirement benefit for two men and an additional decade of benefits for a third worker.

If Blankfein's total 2011 compensation of $16.1 million -- including the $2 million salary, the $3 million bonus and stock awards worth $10.7 million -- were subjected to Social Security taxes, it would yield enough money to fund the full retirements of eight workers, plus an additional 5.6 years of benefits for a ninth retiree.

Read the whole article here


LiberatedCit said...

Goldman SUCKS he has a lot of nerve after WE Bailed him out! Social Security doesn't add a dime to the deficit it is entirely self funded by people/employers. It angers me to no end that they act like it is a Welfare Program the only way it is an Entitlement is people are Entitled to get back the money they paid in! I don't see Congress or Federal Employers giving up the pension plans we pay for.

Read this about Buffet and how bailing Goldman out we bailed him out he's another one the Buffet rule would not have affected him because he hides his money in Gates Tax Exempt Foundation. In other words his call for more taxes was just a Scam that would affect others but not him. The Billions he left his children also in Charitable Foundations that they will make $90 Million a year to run! Why doesn't obama call for these Crony Capitalist friends of his to actually pay something by closing those loopholes?

Buffett’s Betrayal

Implementing Warren Buffett's Gift

How Buffett Saves Billions On His Tax Return

Warren Buffett Is A Punk

Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks

Joyce R said...

Once again, thank you LiberatedCit for all your important links.  

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