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A chet is a sin; its primary meaning though is related to the idea of missing the mark, to be off target and in error. (Every sin is an error.)
http://www.timesofisrael.com/bloomberg-to-give-away-1m-genesis-prize-to-fund-big-ideas-based-on-jewish-values/During his mayoralty, he focused on abortion rights, gun control and public welfare, though he is strongly in favor of free trade. Looking back, Bloomberg said his service was “a wonderful chance to change the world and I enjoyed every minute of it.”