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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

Monday, May 13, 2013

Goldman Sachs Continues to Grease the Revolving Door

Judd Gregg, who was in the Senate until last year, is a candidate for Wall Street's biggest lobbying group as president and chief executive officer of Sifma (Securities Industry and Financial Markets Association).

Since retiring, Gregg has been an advisor to Goldman Sachs Group Inc.  He withdrew his name from the  Commerce Secretary position in Obama's administration because he disagreed with Obama's policies including the stimulus package.

Gregg helped draw up TARP legislation and he opposed derivatives regulation.

Sifma influences regulations written by the Federal Reserve, the SEC and other agencies endeavoring to create the rules for financial reform under Dodd-Frank.  Goldman Sachs is a member of Sifma and Sifma likes TBTF banks.

Good luck on achieving any regulations!

Ex-Senator Gregg Said to be Top Candidate to Lead Bank Lobby
By Cheyenne Hopkins and Robert Schmidt - SFGate
. . . .
One of the biggest tasks faced by the new head of the association will be to rebuild Wall Street’s image and credibility in Washington where the biggest banks have been blamed for sparking the 2008 credit crisis and sending the U.S. economy into a tailspin.


Lawmakers have reserved particular scorn for the largest firms, including Goldman Sachs and JPMorgan, summoning their executives to hearings and accusing them of reaping profits at the expense of shareholders, customers and the economy.

Gregg was one of the leading lawmakers to draw up legislation that authorized the $700 billion Troubled Asset Relief Program to bail out banks. As a Senate Banking Committee member, he opposed proposals to separate banks’ derivatives units and said the Dodd-Frank legislation would reduce credit availability.

Sifma has played a major role helping the industry influence the hundreds of regulations being written at the Federal Reserve, the Securities and Exchange Commission and other agencies arising from the Dodd-Frank law. The group is also taking a lead in fighting legislative efforts to break up “too-big-to-fail” banks. Members include Goldman Sachs, JPMorgan, Citigroup Inc. and Bank of America Corp.

Read the whole article here


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