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Goldman Director resigns and lets it all hang out
03-14-2012, 08:54 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Goldman Director resigns and lets it all hang out
Here is a NYTimes OP Ed by a senior Goldman Sachs guy who has resigned as he is disgusted with the way he feels they rip off their customers. It adds to the general perception on here that financial advisers don't necessarily have their clients' best interests at heart.
http://www.nytimes.com/2012/03/14/op...me&ref=general
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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03-14-2012, 08:57 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by nun
Here is a NYTimes OP Ed by a senior Goldman Sachs guy who has resigned as he is disgusted with the way he feels they rip off their customers. It adds to the general perception on here that financial advisers don't necessarily have their clients' best interests at heart.
http://www.nytimes.com/2012/03/14/op...me&ref=general
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Not earth shattering news, Goldman and the like have been ripping off investors for over a century.........
You can't compare a Goldman Sachs hedge fund manager to a financial advisor, that's like comparing a elephant to an ant..........
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-14-2012, 09:45 AM
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#3
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Full time employment: Posting here.
Join Date: Apr 2005
Posts: 807
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Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:
Borowitz Report
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03-14-2012, 09:51 AM
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#4
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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Quote:
Originally Posted by kevink
Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:
Borowitz Report
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Delicious indeed....
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03-14-2012, 10:06 AM
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#5
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Recycles dryer sheets
Join Date: Jan 2010
Posts: 243
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Quote:
Originally Posted by kevink
Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:
Borowitz Report
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Anyone someone tries to wear the Lord as a banner concerning business matters, I see a HUGE RED FLAG.
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03-14-2012, 10:15 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by misty57
Anyone someone tries to wear the Lord as a banner concerning business matters, I see a HUGE RED FLAG.
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Ahem...
That letter is satire, written by the guy who runs the website.
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Numbers is hard
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03-14-2012, 10:52 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Soooo, Goldman's hiring?
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Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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03-14-2012, 10:54 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,204
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Interesting resignation letter, I wish I thought it would have any impact, I don't.
I wonder if the leaders at Vanguard publicly refer to us as 'muppets?' I doubt it, certainly hope not.
And I wish this quote from the letter surprised me at all, it doesn't. I'd say it describes our political leaders and much of the mainstream population at all levels, why should the folks at Goldman be any different than the majority? Lying, cheating & stealing are far more common now than they were when most of us were kids, no comparison...
Quote:
How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-14-2012, 11:08 AM
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#9
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Recycles dryer sheets
Join Date: Jan 2010
Posts: 243
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Quote:
Originally Posted by REWahoo
Ahem...
That letter is satire, written by the guy who runs the website.
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Satire aside, the fact is that sales people do it all the time and people fall for it all the time.
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03-14-2012, 11:15 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,204
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Quote:
Originally Posted by kevink
Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:
Borowitz Report
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I thought it was a pretty lame response, there are far more creative people here...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-14-2012, 12:26 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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He's obviously quasi-whistleblower...although he admits he saw nothing illegal. I'm mostly on his side, with a few caveats.
At the MegaCorp I work for, we DO focus on our profits, which we call "gross margins", and rarely discuss in detail the profits we can make for our customers, although I am proud of our company because there is a general belief that we only make money by making/saving our customers money. It's not a zero sum game where I work.
I'm glad there are people like this. He will take a lot of heat, and will get a lot of praise as well. He'll likely be called bitter and a bunch of other names. He'll probably write a book next...it will be a big seller.
Based on what I read, he's very young? Does anyone have a link to a photo of him?
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"Live every day as if it were your last, and one day you'll be right" - unknown
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03-14-2012, 12:34 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Finance Dave
I'm glad there are people like this. He will take a lot of heat, and will get a lot of praise as well. He'll likely be called bitter and a bunch of other names. He'll probably write a book next...it will be a big seller.
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I guess this is one positive regarding moves away from defined benefit pensions and toward 401K plans -- it allows people disgusted with bad business practices more freedom to leave *and* speak their minds about it...
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-14-2012, 12:44 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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Quote:
Originally Posted by Alan
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I thought that pic was the CEO Blankfein?
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"Live every day as if it were your last, and one day you'll be right" - unknown
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03-14-2012, 12:47 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by Finance Dave
Based on what I read, he's very young? Does anyone have a link to a photo of him?
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He says so himself, right in the op-ed:
He worked at GS for 12 years right out of college. Those 12 years include 2 as an intern, which would make him . . .32.
I have trouble taking seriously a critique of 143 years of culture at the firm by a guy who's only about eight years removed from doing breakfast runs for the trading desk.
Edit to add: If he thinks any of this is new, he should pick up a copy of Liars Poker - which is almost as old as he is. I'm not saying he's wrong in his assessment of what is currently happening, it's just hysterical that he thinks any of this is a revelation or even a recent development.
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Retired early, traveling perpetually.
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03-14-2012, 12:49 PM
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#16
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,054
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Quote:
Originally Posted by Finance Dave
I thought that pic was the CEO Blankfein?
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Maybe he is in this company photo, taken at the Goldman Sachs Christmas party?
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Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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03-14-2012, 12:54 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,007
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Quote:
Originally Posted by Finance Dave
I thought that pic was the CEO Blankfein?
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Yes, that photos IS CEO Blankfein.
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Retired since summer 1999.
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03-14-2012, 01:13 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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Quote:
Originally Posted by Gone4Good
He says so himself, right in the op-ed:
He worked at GS for 12 years right out of college. Those 12 years include 2 as an intern, which would make him . . .32.
I have trouble taking seriously a critique of 143 years of culture at the firm by a guy who's only about eight years removed from doing breakfast runs for the trading desk.
Edit to add: If he thinks any of this is new, he should pick up a copy of Liars Poker - which is almost as old as he is. I'm not saying he's wrong in his assessment of what is currently happening, it's just hysterical that he thinks any of this is a revelation or even a recent development.
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I do take him seriously. He was obviously sharp enough to A) get a scholarship B) graduate with honors C) Get on at Goldman D) Rise to a very high position E) Get chosen for the recruiting role as a great "face" of Goldman to outsiders and so on...he's proven his mettle IMO.
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"Live every day as if it were your last, and one day you'll be right" - unknown
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03-14-2012, 01:14 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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Good one Alan.
I'm sure his photo will be on the news tonight.
Edit: P.S. You likely won't see him eating dinner at the local Applebees for a few days until this simmer's down.
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"Live every day as if it were your last, and one day you'll be right" - unknown
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03-14-2012, 01:23 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by Finance Dave
I do take him seriously. He was obviously sharp enough to A) get a scholarship B) graduate with honors C) Get on at Goldman D) Rise to a very high position E) Get chosen for the recruiting role as a great "face" of Goldman to outsiders and so on...he's proven his mettle IMO.
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Goldman Sachs doesn't hire schlumps. Everyone who works there has an impressive resume. But director isn't a very high position. It sounds like a very high position, but consider that once someone gets out of gradschool his first promotion is to Vice President. His second promotion . . . Director. (Edit: I see that he is in fact an Executive Director and Head of US Equity Derivatives etc. I stand corrected on that point, which only makes the next point all the more true).
And I'd add, those two several promotions tell you that he was at one time very good at doing the things he now says are beneath him.
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Retired early, traveling perpetually.
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