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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

Monday, June 24, 2013

Letter #3 to Goldman Sachs's Edith W. Cooper

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 third letter is from page 94 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 #3:

Hello Edith--Wow, Now I Know a 1 Percenter!
To:  Edith W. Cooper*, Goldman Sachs

Greetings Edith,

    I hope this message finds you well.  Gosh, I am thrilled to meet you, even though we haven't met face-to-face...yet!

    I mean, wow, I actually know a 1 percenter now!  How cool is this?

    Of course, you probably don't have much to worry about even if you're not feeling well, because I trust that you have great health insurance--thanks to me helping pay for it.

    Wow, Edith, how great is that! :)

    Since I hope we get to know one another better, here's a little bit of info about me:  I have a degree in journalism and my hubby has a double Master's in music, but since we're over 50 years old, our premiums climbed, so we were faced with a slippery slope choice...Do we eat, or do we pay for health insurance?  It was a toss-up, but we decided that food was more important.

    Oh wait--you haven't heard about our foreclosure?  Law enforcement came to our door and gave us one hour to vacate!  Oh, that morning was so much fun--I wish you could have been there!  Yes, we were in that first wave in '08, after putting down a down payment of...wait for it...$300,000.

    We totally qualified, you see...hubby had a great business, until his clients could no longer pay him...Our lender told us "don't worry, we want to work with you!  We can see you have never been in trouble before!"--and well, it's a long story.

    I'll save the rest of this story for next time, because I am so looking forward to writing back again..very, very soon.

Your new pen pal,

Hilary Grant
Los Osos, CA 93402

P.S.  I can't wait to hear about the beautiful clothes you must wear.  I buy all of my clothes these days at thrift stores, but maybe we can compare notes?

*Edith W. Cooper is Executive Vice President and Global Head of Human Capital Management for Goldman Sachs

You can buy the book here


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