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Goldman Director resigns and lets it all hang out
Old 03-14-2012, 09:54 AM   #1
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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
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Old 03-14-2012, 09:57 AM   #2
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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
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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Old 03-14-2012, 10:45 AM   #3
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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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Old 03-14-2012, 10:51 AM   #4
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Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:

Borowitz Report


Delicious indeed....
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Old 03-14-2012, 11:06 AM   #5
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Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:

Borowitz Report
Anyone someone tries to wear the Lord as a banner concerning business matters, I see a HUGE RED FLAG.
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Old 03-14-2012, 11:15 AM   #6
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Anyone someone tries to wear the Lord as a banner concerning business matters, I see a HUGE RED FLAG.
Ahem...

That letter is satire, written by the guy who runs the website.
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Old 03-14-2012, 11:52 AM   #7
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Soooo, Goldman's hiring?
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Old 03-14-2012, 11:54 AM   #8
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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...
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Old 03-14-2012, 12:08 PM   #9
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Ahem...

That letter is satire, written by the guy who runs the website.
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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Old 03-14-2012, 12:15 PM   #10
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Great letter and check out this deliciously satiric "response" from Goldman penned by Andy Borowitz:

Borowitz Report
I thought it was a pretty lame response, there are far more creative people here...
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Old 03-14-2012, 01:26 PM   #11
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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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Old 03-14-2012, 01:32 PM   #12
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Based on what I read, he's very young? Does anyone have a link to a photo of him?
Greg Smith Isn't A Whistleblower, He's Just A Goldman Sachs Executive Having A Midlife Crisis - Forbes
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Old 03-14-2012, 01:34 PM   #13
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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.
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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Old 03-14-2012, 01:44 PM   #14
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I thought that pic was the CEO Blankfein?
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Old 03-14-2012, 01:47 PM   #15
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Based on what I read, he's very young? Does anyone have a link to a photo of him?
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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Old 03-14-2012, 01:49 PM   #16
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I thought that pic was the CEO Blankfein?
Maybe he is in this company photo, taken at the Goldman Sachs Christmas party?
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Old 03-14-2012, 01:54 PM   #17
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I thought that pic was the CEO Blankfein?
Yes, that photos IS CEO Blankfein.
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Old 03-14-2012, 02:13 PM   #18
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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.
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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Old 03-14-2012, 02:14 PM   #19
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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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Old 03-14-2012, 02:23 PM   #20
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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.
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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