Everything about Slush Fund totally explained
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. 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. For example, then-senator
Richard Nixon was involved in a scandal in
1952 that concerned what was called a "slush fund" of
campaign contributions. He
went on television with an accounting of the money, and was
acquitted in popular opinion.
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.
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.
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. The money obtained from this sale was placed into the so-called 'slush-fund'.
In popular culture
Further Information
Get more info on 'Slush Fund'.
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