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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

Thursday, March 15, 2012

Goldman's Response (one real and one joke) to Greg Smith's Op-Ed

Goldman Sachs Response to Greg Smith's Op-Ed (The real one)

As reported in BloombergBusinessweek
This letter does warrant publication here. (Editor,

(The following is an internal memo to Goldman Sachs Group Inc. (GS) employees from Chief Executive Officer Lloyd C. Blankfein  and Chief Operating Officer Gary D. Cohn. It is in response to the New York Times Op-Ed piece by ex-Goldman executive Greg Smith. A copy of the memo was obtained by Bloomberg News. Its contents were confirmed by David Wells, a company spokesman in New York.)
Our Response to Today’s New York Times Op-Ed

By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

Read it here

Editor's Note:  The following letter reprinted from The Borowitz Report is NOT an actual letter written by Lloyd Blankfein, CEO of Goldman Sachs.  It is an obvious spoof but we just want to set the record straight just in case some might interpret it otherwise.
Goldman Sachs has responded to Greg Smith's resignation letter published in the NY Times.  First, Blankfein and Cohn wrote this memo for their employees in order to assuage their put-upon feelings.  But then Goldman just had to set things straight with a follow-up letter to their clients as follows:
A Response from Goldman Sachs (Not Real...but humorous)

By The Borowitz Report

NEW YORK (The Borowitz Report) – The following letter to Goldman Sachs’ worldwide clients was issued today by Goldman Sachs CEO Lloyd Blankfein:

Dear Goldman Client:

By now, many of you have probably read the regrettable resignation letter published in today’s New York Times by former Goldman executive Greg Smith, explaining why he is leaving the firm after twelve years.

In the letter, in which he excoriates Goldman and his practices, Mr. Smith comes across as a man of conscience, ideals, and high moral standards.  And as you read his words, you no doubt asked yourself this troubling question: how could Goldman have hired such a person?

At Goldman, we pride ourselves on our ability to scour the world’s universities and business schools for the finest sociopaths money will buy.  Once in our internship program, these youths are subjected to rigorous evaluations to root out even the slightest evidence of a soul.  But, as the case of Mr. Smith shows, even the most time-tested system for detecting shreds of humanity can blow a gasket now and then.  For that, we can only offer you our deepest apology and the reassurance that one good apple won’t spoil the whole bunch.

As to those of you who were serviced by Mr. Smith, it’s understandable that you would be concerned about who will be taking his place going forward.  On that front, I have some exciting news: today, Goldman is pleased to announce that our new executive director and head of the United States equity derivatives business in Europe, the Middle East and Africa will be Mr. Joseph Kony.  For those unfamiliar with Mr. Kony’s resume, let me assure you that he has the character and moral standards you have come to expect from Goldman, and like the rest of us here at the bank, he has dedicated his life to doing the Lord’s work.


Lloyd Blankfein

CEO, Goldman Sachs

Read the letter here  

Here's a "muppet" video for you here


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