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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, February 6, 2013

Goldman Sachs as Advisor to the President

How do think things get done by the US government?  What information can Obama glean from an investment bank like Goldman Sachs?  Do you agree with Chris from Paris that Obama's "[r]elying on the expertise of a CEO from Wall Street is bizarre?" 

Obama cannot run for another term in office and does not need a Super PAC, so what is he learning from Blankfein?
Obama's bankster bromance
By Chris in Paris - Americablog
The White House is holding a meeting today with a number of business leaders to discuss the President’s economic agenda, including immigration. This is encouraging, as it will be important to get leaders on board with reforming immigration rules.

What’s less encouraging is that the President continues to treat Goldman Sach’s CEO Lloyd Blankfein like he’s royalty.

Even if you put aside the bailout “taker” receiving billions of tax dollars indirectly via AIG during the industry bailout, the relationship is strange. Goldman may not have been the worst offender (or at least, the most costly) of the Wall Street banks responsible for trashing the US economy, but they were certainly in the thick of the problem. Relying on the expertise of any CEO from Wall Street is bizarre.

Even though Obama did plenty of campaign fundraisers on Wall Street, including with Blainkfein [sic], the President should have more consideration for the Americans who carried the heavy load and paid for the sins of Wall Street. This is what happens when Democrats allow the unions to be cut to pieces. The only counter-balance to GOP money is banker money, and lots of it.

More recently, Lloyd Blankfein has been one of the usual voices calling for gutting the social system that most Americans need, like and want. For the Taker-Class like Blankfein, receiving trillions for his industry and billions for his company makes perfect sense and is fair. Your Social Security and Medicare? Sorry granny, you’re just being greedy and you will have to accept cuts.

Read the whole article here


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