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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

Thursday, March 14, 2013

The Revolving Door Again Enriches Goldman Sachs, Impoverishes the People

Many politicians prepare for their future remuneration by supporting regulations that favor, for example, banks.  Their reward:  future employment with Goldman Sachs.

Scott Brown helped water down the financial regulations of Dodd-Frank while a Senator after having been given thousands of campaign dollars by the industry.  Now Brown joins a lobbying firm and cashes in on his financial contacts made while he served [sic] in government.

Without a hint of awareness of the irony, Brown has the cheek to call Congress "dysfunctional and extremely partisan."  It would be better if Brown did not, as he promises, stay involved in other elections given his "help" so far.

Corruption and fraud make up the business model of Goldman Sachs partly made possible through the auspices of that wondrous "revolving door."
After Watering Down Financial Reform, Ex-Senator Scott Brown Joins Goldman Sachs' [sic] Lobbying Firm
by Josh Israel - Think Progress

During his nearly three years in the U.S. Senate, Scott Brown (R-MA) frequently came to the aid of the financial sector — watering down the Dodd-Frank bill and working to weaken it after its passage — and accepted hundreds of thousands of dollars in campaign cash from the industry. Now, the man Forbes Magazine called one of “Wall Street’s Favorite Congressmen” will use those connections as counsel for Nixon Peabody, an international law and lobbying firm.

Read the whole article here


joshua kanpur said...

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Joyce R said...


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