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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

Saturday, June 22, 2013

Letter #2 to Goldman Sachs's Lloyd Blankfein

In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The second letter is from page 93 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #2:

$9,165 an hour--Wow Lloyd, You're a Big Earner
To:  Lloyd C. Blankfein, Goldman Sachs
Hi Lloyd,

    So I just read online that your salary in 2010--including all of those delightful perks that just put a smile on one's face--is $19.06 million.

    And your hourly wage is $9,165.  That's great!  Do you even collect that much when you take lunch?
    Do you realize that by working a mere two hours you earn as much as someone who works full-time at minimum wage earns in a year? 

    Wondering  if I could have your job for say, three hours a week.  Would that be too much to ask?

    You can leave the stuff that you don't like about your job to me:  talking to the press about Occupy Wall Street, testifying at hearings about board members who are charged with insider trading.  You know, all that icky stuff. 

    You can still wheel-and-deal and be your macho master-of-the-universe self.  I'll just do the three hours of grunt work you don't like each week.

     What do you say, Lloyd?  Deal?

Meriden, CT

You can buy the book here


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