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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, June 13, 2013

Goldman Sachs's "Backdoor Subsidy"

Goldman Sachs knows how to manipulate the system:

Goldman Sachs HQ Is Worth $176 Million Less Now Than It Was Last Year
By Adam Pincus, The Real Deal - Business Insider

In the eyes of city assessors, the so-called market value of Goldman Sachs’ headquarters in Battery Park City has dropped by $176 million, or 26.7 percent, to $511.7 million — the sharpest reduction of any Manhattan office building this year. (See chart above.)

The market value is one of the numbers the city Department of Finance uses to calculate an owner’s annual property tax bill. It is generally only a fraction of what the building would sell for on the open market.

Read the rest of the article here


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