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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

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?

Susie
Meriden, CT

You can buy the book here

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