Fozzie_Bear
Posts:
48,479
Registered:
Dec 20, '01
Extended Info (if available)
Real Post Cnt: 47,515
User ID: 558,887
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
http://news.yahoo.com/exec-goldman-officials-called-clients-muppets-131234821.html
NEW YORK (AP) — An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its "moral fiber" and said managing directors there referred to clients as "muppets."
Greg Smith, an executive director at Goldman, said the company needs to "weed out the morally bankrupt people" and suggested the erosion of Goldman's culture threatened its survival after 143 years.
Smith wrote that he attended sales meetings in which helping clients make money was not part of the discussion.
"If you were an alien from Mars and sat in on one of these meetings, you would believe that a client's success or progress was not part of the thought process at all," he wrote.
The essay was published Wednesday on the Op-Ed page of The New York Times. It quickly became popular online and was among the topics "trending" on Twitter, the social network.
In a statement, Goldman Sachs said it disagreed with Smith's assessment.
"In our view, we will only be successful if our clients are successful," the statement said. "This fundamental truth lies at the heart of how we conduct ourselves."
[Related: Literary guide to disenchanted Wall Streeters]
Goldman declined to say whether it knew about the essay before it was published.
Goldman is one of the most influential companies on Wall Street and has been called the New York Yankees of finance. Its alumni have advised presidents and run other major companies.
Among its former CEOs are Henry Paulson, who left the company to join the administration of George W. Bush and pushed for the $700 billion bank bailout during the 2008 financial crisis, and Jon Corzine, the former governor of New Jersey.
Smith wrote that there are easy paths to becoming a leader at Goldman, including persuading clients to invest in products the company wants to get rid or will bring the most profit to Goldman.
Another way, he said, is to "find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym."
Smith was identified by the Times as head of the company's United States equity derivatives business in Europe, the Middle East and Africa.
-----signature-----
The Oatmeal Butterscotch paired with a Snickerdoodle
turned my cynical penis into a happy vagina
Then after an Oatmeal Cranberry and Double Chocolate,
it made my new vagina spontaneously sing the Trolololo Song in an elevator.
---AkagiyamaMissile
|
|
Link to this post
|
the_great_ontex
Title: This is what cool looks like
Posts:
31,805
Registered:
Feb 13, '12
Extended Info (if available)
Real Post Cnt: 806
User ID: 1,438,403
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
-----signature-----
(none)
|
|
Link to this post
|
JD_HOGG
Posts:
19,975
Registered:
Mar 18, '08
Extended Info (if available)
Real Post Cnt: 19,893
User ID: 1,285,011
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
the_great_ontex posted:
-----signature-----
(none)
|
|
Link to this post
|
Kriegprojekt
Posts:
2,653
Registered:
Apr 12, '10
Extended Info (if available)
Real Post Cnt: 2,591
User ID: 1,390,814
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
the_great_ontex posted:
"Yaaaaaaaaay!!!!"
*flails arms around*
-----signature-----
http://www.immortal-guild.com/ Deepstrike Server Milkman - Guardian Bard
|
|
Link to this post
|
JD_HOGG
Posts:
19,975
Registered:
Mar 18, '08
Extended Info (if available)
Real Post Cnt: 19,893
User ID: 1,285,011
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
|
Didn't like my Miss Piggy?
-----signature-----
(none)
|
|
Link to this post
|
Aerlinthian
Posts:
66,222
Registered:
May 7, '01
Extended Info (if available)
Real Post Cnt: 65,491
User ID: 94,919
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
|
This story changed nothing for me. Goldman Sachs is up there with Monsanto in my book. They both need to be nuked from orbit.
-----signature-----
(none)
|
|
Link to this post
|
JD_HOGG
Posts:
19,975
Registered:
Mar 18, '08
Extended Info (if available)
Real Post Cnt: 19,893
User ID: 1,285,011
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
Aerlinthian posted:
This story changed nothing for me. Goldman Sachs is up there with Monsanto in my book. They both need to be nuked from orbit.
Statists?
-----signature-----
(none)
|
|
Link to this post
|
Ah-Schoo
Title: Fuzzy Caterpillar of Friendliness
Posts:
71,317
Registered:
Aug 11, '00
Extended Info (if available)
Real Post Cnt: 68,974
User ID: 39,247
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
JD_HOGG posted:
Aerlinthian posted:
This story changed nothing for me. Goldman Sachs is up there with Monsanto in my book. They both need to be nuked from orbit.
Statists?
HYPER ZIONISTS?
-----signature-----
.
Opinion = fact. Anecdote = proof. Political label more important than either of those.
Welcome to ACF, where debate goes to die.
.
"fascist totalitarian secular progressive Zionist intellectually challenged Christian puppets." - Aerlinthina
|
|
Link to this post
|
TickyAtack
Posts:
38,149
Registered:
Oct 23, '01
Extended Info (if available)
Real Post Cnt: 37,528
User ID: 477,960
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
Tower 7ists!?
-----signature-----
i, ticky.
|
|
Link to this post
|
Ah-Schoo
Title: Fuzzy Caterpillar of Friendliness
Posts:
71,317
Registered:
Aug 11, '00
Extended Info (if available)
Real Post Cnt: 68,974
User ID: 39,247
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
Goldman Sachs used stolen fiat dollars to pay for the explosives used in the Tower 7 demolition, as directed by the Jews.
-----signature-----
.
Opinion = fact. Anecdote = proof. Political label more important than either of those.
Welcome to ACF, where debate goes to die.
.
"fascist totalitarian secular progressive Zionist intellectually challenged Christian puppets." - Aerlinthina
|
|
Link to this post
|
Sgian_Dubh
Posts:
10,339
Registered:
Apr 7, '03
Extended Info (if available)
Real Post Cnt: 10,142
User ID: 788,270
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
Ah-Schoo posted:
Goldman Sachs used stolen fiat dollars to pay for the explosives used in the Tower 7 demolition, as directed by the Jews.
Wrapped up nicely.
-----signature-----
"You'll rue the day you crossed me Trebek!"
|
|
Link to this post
|
faefrost
Posts:
13,505
Registered:
Apr 27, '00
Extended Info (if available)
Real Post Cnt: 12,563
User ID: 22,267
|
Subject:
Exec: Goldman officials called clients 'muppets'
|
Aerlinthian posted:
This story changed nothing for me. Goldman Sachs is up there with Monsanto in my book. They both need to be nuked from orbit.
and the truly strange thing is that is probably the one single point of convergence where both the Occupy movement and the Tea Party Movement actually agree.
-----signature-----
"You're not just a regular moron
You were designed to be a moron!"
|
|
Link to this post
|
