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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, June 3, 2013

An Instance of Goldman Sachs's Will to Power

The power of financial institutions increases by the day.  Goldman Sachs contributed mightily to the financial crisis of 2008 and yet cities are loath to act in their own interest to prevent predation occurring in the future by avoiding contracts with Goldman such as the swap deals that cost the city's taxpayers their hard-earned money.

The disagreement between City Council and the City Administrator is another sign of the increased power of banks as the financialization of the economy continues apace.
Goldman Sachs Debarment Heads Back To Oakland Council (Analysis)
By Steven Tavares - Oakland Local

A draft ordinance that could lead to the debarment of Goldman Sachs from bidding on city contracts is heading back to the City Council with amendments, but not before another round of confusion fostered by the city attorney’s office.

In the past month, the issue of debarment has bounced back-and-forth between committee hearings and the full council to the consternation of some council members who say it already gave clear signals for debarment to the city administrator’s office last year when it approved to begin the process that could ultimately lead to the prohibition of Goldman Sachs from doing business with the city.

However, some members of the Council’s Finance and Management Committee Tuesday morning were surprised to find a last-minute opinion furnished by the city attorney’s office featuring a recommendation against Councilmember Desley Brooks’ amendments. The arrival of the hard copy received just 10 minutes before the start of the 9:30 a.m. meeting, said Councilmember Libby Schaaf, was met with contempt.
. . . .
  The controversial rate swap deal between Oakland and the Wall Street behemoth turned bad for the city, ultimately costing it millions annually. Although debarment will do nothing to make the city whole following the rate swap debacle exacerbated by the Great Recession, but some city officials say the move could have symbolic ramifications for how the city expects to be treated by financial institutions in the future.

Read the entire article here


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