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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

Wednesday, January 2, 2013

Swoooosh!---The Sound of All the Money Going into the Gorge of Goldman Sachs

The plan today was to talk about the "grants" that Goldman Sachs executives have received in addition to their big salaries, their huge bonuses and their bounteous stock shares, but I have been sidelined by an article from Naked Capitalism about the newest bit of finesse pulled off by banks and corporations in the recent bill that passed Congress. 

No one was talking about the following piece of legerdemain but it should have been debated by the Congress and by the public before passage.  The banks and corporations have made another coup d'état by obtaining "tax extenders" or tax breaks.  Will it never end?

We are watching the careful plans of banks and corporation to undermine the public part of the economy in order to subsidize the private side.  Soon we all will be beholden only to private graft, public corruption and deliberate fraud.  Of course, Goldman Sachs is right there with hands out.

Eight Corporate Subsidies in the Fiscal Cliff Bill, From Goldman Sachs to Disney to NASCAR
By Matt Stoller - Naked Capitalism

Throughout the months of November and December, a steady stream of corporate CEOs flowed in and out of the White House to discuss the impending fiscal cliff. Many of them, such as Lloyd Blankfein of Goldman Sachs, would then publicly come out and talk about how modest increases of tax rates on the wealthy were reasonable in order to deal with the deficit problem. What wasn’t mentioned is what these leaders wanted, which is what’s known as “tax extenders”, or roughly $205B of tax breaks for corporations. With such a banal name, and boring and difficult to read line items in the bill, few political operatives have bothered to pay attention to this part of the bill. But it is critical to understanding what is going on.
. . . .
5) Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for  York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.” Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston’s The Fine Print, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.

Please read the rest of the article here
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Two comments worth recording from the article are from

Claudius says:
tawal says “Sick Bastids…”.

Noooo! Patriots, I say!

The great patriot, Mayor Bloomberg (and George Pataki), chose the companies that would receive the government guaranteed, triple tax-exempt (No federal, state or local tax) bonds. Not so much to defray the cost of One World Trade Center and its other rebuilding commitments (only $3.8 billion [59%] going to the WTC – Silverstein Properties) but to show taxpaying patriots how patriotism is articulated in the Big Apple; as Goldman Sachs got: $1.7 billion for its “downtown” tower; the Durst family: $650 million for the Bank of America building – in Midtown. Developer Forest City: $90.8 million for the Bank of New York Mellon building – in Brooklyn (for non-Americans, Midtown and Brooklyn are not any part of WTC or its environs). The remainder went toward smaller projects -most having nothing to do with 9/11 rebuilding.

So, as often is the case, it’s patriotism for the plebs and bonds for the rich. But, at least we plebs, firefighters, policemen, other first responders can feel morally superior in our patriotism. How hollow and shamed Goldman, BoA and other banking executives must feel; securely ensconced behind anonymous, reflective panels of bright, smart engineered, steel, glass and concrete provided at the taxpayers patriotic munificence. Looking up from the frigid Manhattan streets, we can sense them; all embarrassed and self conscious; sitting there in their nice shiny tax-payer subsidized housing. And, good for us; that we would rather use our patriotic street-smarts to protest their patriotic ‘Street-smarts’ in their private, “publicly gifted” parks below.

With patriotism being rewarded like this in America, is it hardly surprising that the zeitgeist for most patriotic Americans is fear and self loathing?

and from

Helen says:
Bravo Matt — and Great comment Tony ! And how many pages was this little piece of trickery passed at the eleventh hour?

Why in the world are we worrying about giving subsidies to
Build race Tracks! OMGoodness. And of course Goldman
Sachs got their piece of the pie — look at how many ex-Goldman
People are at the forefront of running not just the US but the
Global economy.

And this plot sickens…..just a big slap in the face to remind us that the banks and Investment bankers truly rule the world and our government. Not
A new discovery, by the way. This is a fact of life since we became the USA.

Please read the full article and more comments here


LiberatedCit said...

Those payoff's to obama have really been worth while
Banks get delay in rules keep taxpayers on hook for derivatives

JPMorgan Employees Join Goldman Sachs Among Top Obama DonorsBy Jonathan D. Salant - Mar 20, 2012
Five Senior Goldman Sachs Execs Gave $130K To 'Obama Victory Fund' WHILE Eric Holder Was Deciding Whether To File Criminal Charges

Secret and Lies of the Bailout

Meanwhile they have the nerve to act like Granny's the one on welfare

Social Security Does Not Add To the Deficit Nor Is It A Welfare Program - Setting The Record Straight On Social Security

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