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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

Monday, December 27, 2010

Lloyd Blankfein of Goldman Sachs: One of the 10 Greediest People of the Year

There are many words that describe banks like Goldman Sachs that disregard truth and honesty: arrogant, self-serving, self-righteous, fraudulent, deceitful, manipulative, scheming and deceptive, to name a few. All of these attributes of his institution helped make Lloyd Blankfein one of the greediest people of the year.

The excerpt below is by Sam Pizzigati - AlterNet (Campaign for America's Future) entitled

The 10 Greediest People of the Year

Hard times can be good times -- for the aggressively avaricious. Where others see pain, they see opportunity. In desperation, they delight. The grimmer the economic outlook, the more ghastly their grabbing.

And who grabbed the most outrageously in 2010? We offer below our annual take on America's ten greediest of the year.

. . . .

4/ Lloyd Blankfein: Getting the most from our tax dollars

Lloyd Blankfein, the chief exec at Wall Street’s biggest bank, has had a stunning century. Since 2000, Bloomberg News calculates, Blankfein has earned a whopping $125 million in cash bonuses and enough additional stock awards to leave him with a personal stash of Goldman shares worth over $300 million.

And the goodies keep coming. This January, Blankfein will pick up another $24.3 million in stock, as a delayed payout from previous years. He’ll also pick up millions more in soon-to-be-announced bonuses for 2010.

News of these bonuses, Wall Street analyst Jeanne Branthover predicts, will leave the public “outraged” and Wall Streeters “excited” -- that “there’s still a reason to be working so hard.”

How hard is Lloyd Blankfein working? He simply never misses an opportunity, however small, to make a buck off taxpayers. This year’s prime example: the fees that Goldman Sachs has fixed on Build America Bonds, the federal program that's helping states and localities raise money for construction job projects.

Local governments, in tough times, often have to cut back on such projects because they can't afford to pay the interest on new bond offerings. With Build America Bonds, the federal government is paying 35 percent of this interest.

Investment banks charge municipalities fees to bring their bonds to investors. Goldman’s fees typically range up to 0.625 percent of each bond issue. But Goldman has been charging, on Build America Bonds, up to 0.875 percent. Why so much? Goldman, Blankfein told Congress, had to “educate the market.”

. . . .

Read the entire article here


Anonymous said...

Something to remember:

"When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it. Always." … Mahatma Gandhi

Joyce said...

Yes, and we should be thankful that no one, good or bad, lives forever.

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