Fraud* 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
When you think about Lloyd Blankfein's latest pay increase at Goldman Sachs from $600,000 basic salary to $2,000,000, you may well ask yourself, What does that mean? Is it all about greed? Yes, but more than that it may be about the decrease in the value of the American dollar because of the flood of bills presently saturating the financial system. In order to get the same value for the dollar, does the CEO need to make 3.3 times more money? That is a scary thought.
Of course, we will really have to worry when Blankfein's salary reaches the heights of hedge fund manager John Paulson's $5 Billion that he made in 2010!
And here to remind you once again what Goldman Sachs did to earn that money:
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