Why I leaving Goldman Sachs

[Euler]

From opinion pages in the New York Times

http://www.nytimes.com/2012/03/14/opini ... all?src=tp

[superfrank]

good article.

i like the accompanying pic...



Zero Hedge hates Goldman Sachs and i always thought it seemed a bit pathological, but i suspect it's quite reasoned - they often post GS notes sent to its clients and they often turn out to be great contrary indicators.
http://www.zerohedge.com/news/ex-goldma ... ts-clients

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

[superfrank]

Goldman Sachs resignation letter 'could prompt change'
http://www.bbc.co.uk/news/business-17402964

Jim O'Neill, chairman of Goldman Sachs Asset Management, said the bank was constantly worrying about clients.

"But if it encourages us to be even more respectful and thoughtful for our clients, then maybe it's not entirely a bad thing."

damage limitation. they even wheeled out the New York Mayor to defend them ('probably on the payroll). the only thing they worry about is making more money, regardless of the consequences to its clients, the industry or society.

[Groovyelms]

Jolly old goldman sachs a good friends sister is married to a Goldman guy, and I remember trying to understand why they needed 3 houses in this country... It never made any sense, But then I guess it never does..
I do wonder how Warren Buffet feels about this news as he lent Goldman I think 5 billion when they were on the ropes at the height of the fall out from the banking crisis? But I guess like all organisations there are good and bad folk in all...
groovy

[Iron]