n.

1. Unscrupulous use of one's position to derive profit or advantages; extortion.
   
2. Money or an advantage gained or yielded by unscrupulous means.

To gain by or practice unscrupulous use of one's position.

The 18th President of the United States (1869-1877) and a Civil War general. After his victorious Vicksburg campaign (1862-1863), he was made commander in chief of the Union Army (1864) and accepted the surrender of Gen. Robert E. Lee at Appomattox (1865). Grant's two-term presidency was marred by widespread graft and corruption.

The perks for 246 "pioneers" who raised at least $100,000 also included overnight stays at the White House and Camp David, parties at the White House and Bush's Texas ranch, state dinners with world leaders and overseas travel with U.S. delegations to the Olympics and other events, the review found.

[...]

Three top Bush fund-raisers became Cabinet secretaries: Bush 2000 finance chairman Don Evans at Commerce, Elaine Chao at Labor and Tom Ridge at Homeland Security. At least eight took other high-profile administration jobs, such as State Department chief financial officer Christopher Burnham and Jose Fourquet, U.S. executive director of the Inter-American Development Bank.

During the 2000 Presidential campaign between Albert Gore of Tennessee and George W. Bush of Connecticut, the latter accused the former of such activities. Evidently, Mr. Bush's complaints must have been that the former administration was not efficient enough in selling off influence because he proved that not only can a President offer his top donors stays at the White House, he can also allow them to shape federal policy at will.

Although graft as a term has become passé, President Bush proved that the concept isn't. Congratulations. [explanation courtesy of Basie!]