Goldman's Exec Quits, cites toxic and destructive environmet
Discussion
http://www.nytimes.com/2012/03/14/opinion/why-i-am...
Almost as if he had read this link http://www.pistonheads.com/xforums/topic.asp?h=0&a... A senior Goldman Sachs exec has quit and cites the atmosphere of the company has change to ingore thae clients and only focus on money.
Maybe things are beginning to change from the inside.
Then again...
Almost as if he had read this link http://www.pistonheads.com/xforums/topic.asp?h=0&a... A senior Goldman Sachs exec has quit and cites the atmosphere of the company has change to ingore thae clients and only focus on money.
Article said:
"Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail"
Almost the exact thing we discussed above, the attitude of investment bankers has moved on to be confrontational with clients rather than a trust relationship.Maybe things are beginning to change from the inside.
Then again...
It's an interesting angle.
On the one hand, haven't GS just had their annual 10% cut of the bottom staff?
On the other hand, when you take a school bully and give them the full sanctioning and protection of the head master you will always create a monster.
Having a vehicle like GS so dominant and so protected is not healthy for anyone, or anything at all.
But there is also the question as to why the seniors are not educating the juniors that their way of behaving is not acceptable? But then I would argue that this is a generational thing that we are currently witnessing across the whole of the society, the L'Oreal parents and their L'Oriel offspring.
On the one hand, haven't GS just had their annual 10% cut of the bottom staff?
On the other hand, when you take a school bully and give them the full sanctioning and protection of the head master you will always create a monster.
Having a vehicle like GS so dominant and so protected is not healthy for anyone, or anything at all.
But there is also the question as to why the seniors are not educating the juniors that their way of behaving is not acceptable? But then I would argue that this is a generational thing that we are currently witnessing across the whole of the society, the L'Oreal parents and their L'Oriel offspring.
http://www.rollingstone.com/politics/blogs/taibblo...
Perhaps indicative of the type of people Goldmans likes... Im not really sure where to place Rolling Stone's political pieces, I cant decide if its overly sensationalist or not. But that guy sounds like a very destructive person.
Perhaps indicative of the type of people Goldmans likes... Im not really sure where to place Rolling Stone's political pieces, I cant decide if its overly sensationalist or not. But that guy sounds like a very destructive person.
Quoted again because, whether or not it's 'real', I visit every now and again and it never fails to raise a (usually non-PC) snigger: http://twitter.com/#!/gselevator
GS Elevator said:
#1: I love it when someone starts a sentence with 'When I was at Goldman Sachs'... Well, you aren't at Goldman Sachs now, cocksucker.
and more...DonkeyApple said:
On the one hand, haven't GS just had their annual 10% cut of the bottom staff?
That was a few weeks ago during the bonus round they got rid of the unwanted few. Article said "Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa."
Maybe he is just is now in a position financially to speak out and not worry about repercussions. Some people do have morals you know and don't to "strip these morons out and let them burn".
R11ysf said:
DonkeyApple said:
On the one hand, haven't GS just had their annual 10% cut of the bottom staff?
That was a few weeks ago during the bonus round they got rid of the unwanted few. Article said "Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa."
Maybe he is just is now in a position financially to speak out and not worry about repercussions. Some people do have morals you know and don't to "strip these morons out and let them burn".
Some of them just require 12 years of enormous bonuses and becoming old, fed up and under pressure of replacement by the next generation to find them
R11ysf said:
That was a few weeks ago during the bonus round they got rid of the unwanted few.
Article said "Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa."
Maybe he is just is now in a position financially to speak out and not worry about repercussions. Some people do have morals you know and don't to "strip these morons out and let them burn".
Seems unlikley.Article said "Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa."
Maybe he is just is now in a position financially to speak out and not worry about repercussions. Some people do have morals you know and don't to "strip these morons out and let them burn".
He's only an ED, not even an MD, so 'Head of anything worthwhile' seems unlikely...
Although no doubt very well paid, hardly a significant employee...
Sidicks
Edited by sidicks on Wednesday 14th March 14:15
Rocksteadyeddie said:
Read like a bit of sour grapes to me. Passed over for promotion to MD perhaps? Not saying he's wrong, but he does come across as pretty bitter.
Maybe, but he does raise a opint that IMHO may come to haunt GS:Greg Smith said:
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.
Perhaps even especailly if you're smart, but misuse that power.IMHO this may also come to be critical for other parts of the financial industry.
Rocksteadyeddie said:
Read like a bit of sour grapes to me. Passed over for promotion to MD perhaps? Not saying he's wrong, but he does come across as pretty bitter.
12 years and still a VP, even if that means megabucks at GS - sour grapes is a possiblity.But I think more likely in the current environment is that he had his salary or bonus slashed. Seen similar before in smaller outfits e.g. an e-mail sent to everyone internally and being escorted out by a couple of suits an hour later; thus avoiding any lengthy notice periods or compromise agreements. Obviously sending it to a national newspaper is in a different league, but then again we don't if his mindset or level of narcissism.
I think a few people are missing the reason I posted this. Let's ignore the person, his level or his remuneration for a minute. He wrote, with almost perfect timing, the exact things we had been talking about in the thread above. Someone with 12 years inside knowledge of the most notorious investment bank in the world is unhappy with the level of morality on the inside. The referring to clients as "muppets" is just the thin end of the wedge, the fat end is creating a whole series of products that you want to fail and then flogging them to your clients.
The previous thread was talking about banks mis-selling SME's products that cost them a fortune in losses with one sided break clauses and leverage for small hedges. All because it made more money for the bank and not because it was in the best interest of the business/client.
This letter, sour grapes or not, just confirms that.
The previous thread was talking about banks mis-selling SME's products that cost them a fortune in losses with one sided break clauses and leverage for small hedges. All because it made more money for the bank and not because it was in the best interest of the business/client.
This letter, sour grapes or not, just confirms that.
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