Sylvia Bloom worked for 67 years as a secretary at the law firm Cleary Gottlieb Steen & Hamilton, and accumulated a personal fortune of more than $9 million.
Bloom did this by being “frugal” and “by shrewdly observing the investments made by the lawyers she served,” reports The New York Times, which broke the story Monday on its front page.
The story resonates in part because it reinforces a hopeful narrative, which is that wealth is a reward for virtues such as frugality, shrewdness, and patient savings. It helps, too, that the childless Bloom also left the bulk of her estate to charity—another virtue.
But one person’s heartwarming story could be another’s tale of insider trading and securities fraud, writes Ira Stoll.
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