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Fraud*
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

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Saturday, December 15, 2012

The Legitimization of Goldman Sachs's Illegal Activities

As mentioned before, we have the great misfortune to be in a front-row seat from which we can witness the final stages of the corruption of the financial system in the US with government support.  A comment  by LiberatedCit has provided GS666 with a link to comments on a Report by the Government Accountability Institute (here and here) and the actual report can be found here.

So how does corruption spread its rot from person to person, from institution to institution, and, perhaps, from country to country?  Could globalization and really big institutions breed this festering sore that has become a cancerous excrescence that will eventually destroy its host which happens to be us?  A GIA report gives us an inkling on how that rot advances.

REPORT:  Five Senior Goldman Sachs Execs Gave $130K to 'Obama Victory Fund' WHILE Eric Holder Was Deciding Whether To File Criminal Charges
By Daily Caller and The Daily Bail

This is one of several, very interesting revelations from the GAI report on corruption within the Obama Justice Department.  And remember, in our bought and paid for system, what you will read is completely legal.
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Daily Caller

Excerpt:
GAI argues that the Obama administration’s decision to not go after Big Finance is due to senior DOJ leadership — Holder, Associate Attorney General Tom Perrelli, Associate Attorney General Tony West, Assistant Attorney General Lanny Breuer, Deputy Attorney General James Cole and Deputy Associate Attorney General Karol Mason — who “all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate.”

The report details how Holder and Breuer both came to the DOJ from Covington & Burling, a “top-tier Washington law firm” with a client list that includes financial firms like Wells Fargo, J.P. Morgan Chase, Bank of America, CitiBank, Deutsche Bank, Goldman Sachs, ING, Morgan Stanley, UBS and Wilmington Trust.

GAI said that President Obama’s decision to choose Holder, “a white-collar defense attorney from Covington,” as his attorney general, over a “more fiery prosecutor,” appears to have sent “a subtle signal to the financial community” that this administration isn’t going to actually do anything, despite the harsh words.

As one of many examples of where Holder’s DOJ could have gone after Wall Street but failed, GAI cites how Michigan Democratic Sen. Carl Levin “proposed that the DOJ criminally investigate Goldman Sachs for its handling of the Abacus 2007-AC1 transaction” in an April 2011 Senate Permanent Subcommittee on Investigations report.

See the article here
See the GIA Report here

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