Surprised no one has posted this. I've seen it all over the place. Anyway, a former executive at Goldman Sachs quit and wrote an op-ed as to why he left. Sheds some light on how wall street has internally decayed. http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html
Yeah... 11 years ago the culture was soooo different at Goldman Sachs and he went there because he wanted to help clients and others. What a load of crap. This guy wants to start his own firm or followin in the Michael Lewis footsteps as opposed to the changing of Goldman in only the last decade. Now if someone from the 1970's chimed in, I may agree that they've always been greedy, but at least back then it was 'Long-Term Greedy' as opposed to short term profits at the expense of long-term solvency or firm stature. Not that there's anything wrong with greed, but in this instince I think its his own as opposed to a moral epiphany.
Thought this was funnier: Overheard on the Goldman Sachs Elevator Posted by Blackball Bill 70 days ago An anonymous career banker inside Goldman Sachs opened a twitter account (@GSElevator) with the intention of revealing the hilarious banter that takes place in the privacy of the GS elevators. Since then, the account has evolved to include things overheard on trading floors, bullpens, lobbies and bars. Some of the conversations involve more than one person, and the participants are distinguishable by their number (#1, #2, #3). Here are some of my favorites from the past several months… #1: She’s only about 3 weeks of anorexia away from looking hot. #2: Maybe 4. #1: Hey fat ****, I already know what your resolution is. #1: Can we please stop calling them ‘hipsters’ and go back to calling them ‘p*****s?’ #1: Groupon… Food stamps for the middle class. #1: A guy came up to me at the gym and asked me what event I was training so hard for. Life, mother****er. #1: If you can only be good at one thing, be good at lying… because if you’re good at lying, you’re good at everything. #1: Blacking out is just your brain clearing its browser history. #1: My garbage disposal eats better than 98% of the world. #1: Walking around the protesters outside makes me feel like how a black guy must feel in the gym shower. #1: Age is just a number. The more important number is how hot she is out of 10. #1: Hermes ties are like Jordans for white people. #1: I don’t care how into the environment she says she is. No chick wants to be picked up in a Chevy Volt. #1: You’re going to Hell in just about any religion. #2: First class, baby… #1: Living my life is like playing Call of Duty on Easy. I just go around and **** **** up. #1: Sober girls are the worst. So are really drunk ones… The sweet spot is 4 white wines and a Zanny. #1: I heard the Euro was spotted at Disney World wearing a Make-A-Wish t-shirt. #1: Bareback is the new 3rd base. #1: I never give money to homeless people. I can’t reward failure in good conscience. #1: **** that. When I was an analyst, I had to eat an entire ‘wasabi roll’. What we called team building, you faggots call bullying. #1: Handshakes and tie knots. I don’t have time for someone that can’t master those basic skills. #1: Two weeks of family time. I’m ready for a FBT to let some bad out. #2: FBT? #1: Fake Business Trip. #1: When it doesn’t matter how much the drinks cost, it’s always happy hour. #1: Money might not buy happiness, but I’ll take my ****ing chances. #1: Obama’s gone golfing 90 times in less than 3 years as president. That’s about three months of golf. #1: Almost time for children to learn a valuable life lesson. Santa loves rich kids more. #1: By now, protesters just look like pigeons to me. #1: Fact. Nearly 50% of all American workers have less than $10k saved for retirement. #2: ****. That wouldn’t cover a ski weekend. #1: Anyone that puts CFA and MBA on their business card is a ****. #1: Don’t b**** about your apartment. If you want a gated house on a golf course, go be some dog**** CFO in Cleveland. #1: I asked him what his life goal is, and he said “to make the obituary in The Economist.” #2: Great answer. Hired. #1: From my experience, most people really should have lower self-esteem. #1: My charity work begins & ends with black tie galas. And if drunk me is the highest bidder on a signed Springsteen guitar, so be it. #1: Let’s get one thing straight. Mark Zuckerberg is a ****ing loser. #1: Black Friday is the Special Olympics of capitalism. #1: The only reason I have a home phone is so I can find my cell phone. #2: Our maid does that. #1: Getting laid off from Goldman is like being traded by the Yankees. You’ll probably still make millions, but it’s just not the same.
http://www.bbc.co.uk/news/business-17366552 It been documented over and over that Goldman Sachs rips off their clients-they get alot of money in which they fill their own personal pockets with through income and bonuses and then when everything goes to **** they get bailed out by the tax payer. It is like stealing from citizens not once but twice- while they cruise around in their Ferrari and Yachts which they earned by their micheavious deeds letting the market screw up and their scheme bailed out. The sad thing is- is that they are doing it all over again. And by the way- the bailouts were because people like Goldman Sachs sold their clients junk bonds which went south(and they knew they were junk)- and then tried to profit off of it by betting AGAINST the bonds they sold their clients. It was a billion+ dollar scheme and they were only fined half of that. <object width="420" height="315"><param name="movie" value="http://www.youtube.com/v/whlzFWwVv98?version=3&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/whlzFWwVv98?version=3&hl=en_US" type="application/x-shockwave-flash" width="420" height="315" allowscriptaccess="always" allowfullscreen="true"></embed></object> <object width="420" height="315"><param name="movie" value="http://www.youtube.com/v/1_NtV6Rptd4?version=3&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/1_NtV6Rptd4?version=3&hl=en_US" type="application/x-shockwave-flash" width="420" height="315" allowscriptaccess="always" allowfullscreen="true"></embed></object> and no one goes to jail
His resume is awesome enough to not need to send one off.. he would be hired instantly is most places
I don't doubt the guy, but hearsay and vague charges really bug the crap out of me, can't refute them because there are no specifics. If GS rips off their clients, why do people invest with them?
The guy probably has enough money that he doesn't have to worry about money anymore. 12 years in banking can do that for your banking account. He sounds smart enough to not burn a bridge he might need to use again.
because people love the name, and like being taken along the pony show. A serious problem is that the people on the sell side are admittedly a hell of a lot smarter than a lot of buy-siders, and the ratings agencies trying to catch up with them. Has to do with the incentive structure, and the concentration of power in delegating only certain firms the ability to create and market their securities.
goldman sachs sux - all the old finacial institutions dont deserve to stick around after all this mess...
do people understand the role of investment banks do people understand the role of commercial banks do people understand the difference in the two do people understand after the great depression the two were literally separated by law and not allowed to operate jointly do people understand that when those laws were overturned (glass stegall) in 1999 that it was very predictable what would happen soon do people understand that prediction only took 9 years in the form of the financial collaspe in late 08 i'm glad people in this thread didn't by into this crap letter. this guy started after glass stegal out of college and probably has no idea what the culture truly was like? culture may have been better it may have been worse but its not what led to the collaspe. bill clinton signing away the law under grahm leach. senator grahm, a former economics professor at A&M (stand up aggies) wanted 60 years of tried and true legislation overturned. bill clinton signed the bill under pressaure from sam weill, citibank exec. sam inturn brought investment banking, commercial banking, and insurance under one roof and it took nine freakin years for a collaspe to happen.
