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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

Sunday, April 15, 2012

In 2011, Did Goldman Sachs's Blankfein Get Paid $12.4 million or $16.2 million?

What a slippery vampire squid he is!  Not many people can claim both a pay increase and a pay decrease in the same year.

What is interesting, though, is that Blankfein spent $258,700 on security because of those pesky Occupiers.  That's probably a good price to pay for a conscience that knows no guilt.

Does any bank executive deserve 240 times more money than the average American ($50,000)?  Not when you consider that Blankfein played a key role in bringing about the financial crisis that affected the whole world economy.  Not when you consider the many communities that have been devastated by sub-prime mortgages that Goldman couldn't get enough of.  Not when you consider all the wealth that was transferred from pensions and savings to Goldman.  Not when you consider that all the fraud of the big banks did not result in one executive being prosecuted.
Goldman CEO Blankfein's 2011 Compensation Jumps to $16M
By Reuters

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein's compensation increased 14.5 percent to $16.2 million in 2011 despite a sharp decline in profits and share price during the year, leaving the bank open to more attacks on its pay policies.

Blankfein's pay boost includes stock awards from previous years that vested in 2011, and therefore does not reflect the amount that Goldman's board awarded him strictly for the company's performance last year.

Goldman offered another figure, $12 million, as the amount Blankfein received for his performance last year. That number reflects a 35.5 percent decline from 2010, when Blankfein received $18.6 million in performance pay.

The $16.2 million figure comes from a formula the U.S. Securities and Exchange Commission requires companies to use when reporting pay packages in proxy filings, where Goldman detailed Blankfein's compensation on Friday.

Both the SEC's formula and Goldman's formula include a $2 million salary and a $3 million cash bonus. The SEC formula also reflects $454,332 Blankfein received last year in benefits and perks, such as life insurance, and a car and driver.
Read the entire article here


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