Slush fund is a colloquial term which has come to mean an auxiliary monetary account or a reserve fund. However, the term has special meaning within a context of corrupt (including but not limited to) political dealings by governments, large corporations or other bodies and individuals. Political corruption is the use of governmental powers by government officials for illegitimate private gain Slush funds can have particular elements of illegality, illegitimacy, or secrecy in regard to the use of this money and the means by which the funds were acquired.
Political dealings with slush funds tend to create suspicions of quid pro quo (buying political favors), and can be viewed on the surface as corrupt and subversive of the democratic process. Quid pro quo ( Latin for "something for something") indicates a more-or-less equal exchange or substitution of goods or services Subversion refers to an attempt to overthrow structures of Authority, including the State. Democracy is a form of government in which the supreme power is held completely by the people under a free electoral system For example, then-senator Richard Nixon was involved in a scandal in 1952 that concerned what was called a "slush fund" of campaign contributions. Year 1952 ( MCMLII) was a Leap year starting on Tuesday (link will display full calendar of the Gregorian calendar. Campaign finance refers to the means by which money is raised for election campaigns. He went on television with an accounting of the money, and was acquitted in popular opinion. The "Checkers speech" was given by Richard Nixon on September 23, 1952, when he was the Republican candidate for the Vice Presidency In Criminal law, an acquittal is a verdict of not guilty, or some similar end of the proceeding that terminates it with prejudice without a verdict
The term "slush fund" is also used in accounting to refer to a general ledger account in which all manner of transactions can be posted to commingled funds and "loose" monies by debits and credits cancelling each other out. The general ledger, sometimes known as the nominal Ledger, is the main Accounting record of a business which uses Double-entry bookkeeping. Debit and credit are formal Bookkeeping and Accounting terms They are the most fundamental concepts in accounting representing the two records that one Credit is the provision of resources (such as granting a Loan) by one party to another party where that second party does not reimburse the first party immediately thereby generating
Another meaning is a fund where one quarter's profits are hidden, in case there isn't enough profit during the next quarter for management to make their bonuses. A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly" Financial statements in Businesses Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise Executive compensation (also director remuneration) is how top executives of business Corporations are paid
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Source of term
The term "slush fund" was originally a nautical term; the slush referred to the fat or grease that was obtained by boiling salted meat, the sale of which could then be used to provide the crew with special luxuries. This is a glossary of nautical terms; some remain current many date from the 17th-19th century Fats consist of a wide group of compounds that are generally soluble in organic solvents and largely insoluble in water Yellow grease is a term from the rendering industry. It usually means used frying oils from deep fryers and restaurants' grease traps Salt-cured meat or salted meat, for example Ham, Bacon, or kippered herring, is meat or fish preserved or cured by The money obtained from this sale was placed into the so-called 'slush-fund'. [1]
In popular culture
- The Rock (1996) - "The Red Sea Trading Company"
- Swordfish
- All the President's Men
References
- ^ Adkins R: "Nelson's Trafalgar, The Battle That Changed the World. The Rock is a 1996 Academy Award -nominated Action film that primarily takes place on Alcatraz Island, and the San Francisco Bay Swordfish is a 2001 action / thriller Film. It was directed by Dominic Sena and stars Hugh Jackman All the President's Men is a 1976 film based on the 1974 non-fiction book by Bob Woodward and Carl Bernstein, the two journalists investigating ", page 37. Viking Penguin, 2005
External links
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