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Goldman Sachs Fires Analysts For Cheating On "Compliance" Tests
If you know anything about Wall Street you know that the culture is one of honesty, integrity, and transparency.
That’s important because after all, in a world that has become almost entirely financialized (to the point that pushing around numbers on a screen and trading paper that references other paper is more important than creating tangible assets), the failure to maintain an appropriate level of moral discipline among the institutions entrusted to create, market, and manage financial products could lead to disaster and the destruction of wealth on a massive scale.
But just because no one has ever manipulated, fixed, or otherwise rigged any markets yet, doesn’t mean they won’t try, which why it’s nice to know that honest firms like Goldman are on the job when it comes to watching for any kind of nefarious shenanigans. Like analysts cheating on training and compliance tests.
Here’s Bloomberg:
Goldman Sachs Group Inc. is dismissing about 20 analysts globally in offices including London and New York after discovering they had breached rules on internal training tests, said people familiar with the matter.
The analysts, who had been working in the investment bank’s securities division, have either already been dismissed or are in the process of leaving the bank, said the people, who asked not to be identified as the matter is private.
Now, spot the inconsistency in the following two passages:
- "This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm."
- Bankers throughout Wall Street often assist each other on basic training and compliance tests because these are seen as time consuming and repetitive, according to separate people with knowledge of the process.
So it’s completely inconsistent with the values Goldman fosters other than the fact that it happens so often as to be considered standard operating procedure in the industry.
Got that?
Of course the ultimate punchline here is that "compliance" tests are seen as essentially a waste of time, although we suppose Wall Street is just being honest with itself because if the last seven years have taught us anything, it's that the word "compliance" doesn't ever factor in to anyone's decision making process at a bulge bracket bank.
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GS must have a few thousand more to dismiss.
Right, they're looking to cull the low-hanging fruit--the ones they won't have to pay any severence to.
Jamie to Lloyd: Is that a president in your pocket, or are you just glad to see me? ;-)
Looney
They got fired because they got caught. You only advance @ GS if you cheat and you don't get caught. It's just Goldman Darwanism.
Looks like some analysts forgot to contribute to Hillary:
https://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=n00...
Character references? What's character?
Integrity™ thy name is Blankfiend
You do have to wonder what they did to get them fired from the squid.
They probably passed around answers to the tests just like they do at your higher institutions of learning.
GS is doing this to get ahead of their next scandal.
"See, we fired some low level folk for cheating. Gods work! Blaaaaaaaah!"
We blatantly blurt out answers to test all the time. It's redundant bullshit test that do not change and need to be done every fucking year. Nobody cares
Like they have any fucking integrity. It would be like Obama firing a staffer for lying. Go fuck yourself Lloyd
From the land of Kamasutra, Goldman needs to learn a thing or two.....
cheating bihar walls
They fired them for what, not doing a good enough job cheating?
This pretty much absolves Goldman for any wrongdoing… Makes up for the years of grand larceny. Thank goodness justice has prevailed.
MOAR KABUKI!
Wall Street types cheating, manipulating, and playing games in order to swindle others and enrich themselves? Say it ain't so, Joe!
If more American companies were this ruthless against corruption as Goldman, America could re-achieve her greatness.
Then I guess Trump would be out a job.
Translation thier cheating wasn't profitable enough
"Goldman... Compliance..."
Uughh??? The Onion?
Obviously they didn't know enough about all the loopholes, knowledge necessary to effectively manipulate the "markets."
Fucking LOL.
I smell diesel...
more obnoxious and toxic gases and vapors come
out of that place then any car
Americans are fitting themselves into a system of peonage: Fed aka Goldman peonage.
In other words, GS knows cheating is rampant, but its' shit doesn't stink.
Firing a bunch of analysts, with cause. Hard to do, actually! Since the only thing of value they really touch is their expense report for dinner delivery at 10 pm and UBER to get back to Brooklyn. How much ridicule would Blankfein get if he accused them of cheating on those expenses? Pretty desperate when you have to trash a 28-year-old's reputation on his way out the door. To what? save pennies on severance? Bonus pool under stress. Control slipping. Company is led by a toad.
Only a fool, aka a sheeple, would buy it.
how farking greaseball low does one have to slither to not comply with the squid's code of ethics?
But just because no one has ever manipulated, fixed, or otherwise rigged any markets yet,
I LOL'ed
This is bullshit. Basically, you pay $5 to one intern to do everyone's tests in the office. All the tests are the same so one person can breeze through the stupid multiple-choice test. The test is about obvious money-laundering stuff, et cetera.
Analyst was not playing by the rules. Corporate risk in becoming a whistle blower.
Goldman Sachs buys $20.5m stake in HFT tech firm Perseus
Wow..what a wonderful way to downsize without going through all the paperwork BS...and I love the title ...Goldman Sachs sacks 20 employees...
Fired from Analyst program and immediately promoted to Partner Managing Director level.
I guess even the squid has its limits
When will government get fired for cheating on its data?
I love the picture of Bill.. don't fu*k with me...I have high ethical standards and will accept nothing less than the highest standards of honesty and integrity in the public media. But when it comes to business..well..what happens in Goldman (sock it to you) offices...stays in the office.
LLoyd must have been absolutely horrifed when he discovered this chicanery.
where the fuck is my job at mother fuckers.................
What I mean to write is, how terrible of an issue that such a respected bank has to deal with. I hope future job opening will change the way the public views the bank. Just like the United States has had tough times and manage to pull together to make it through so can Goldman Sach. And I for one, if hired, shall not deter from the excellence expected in this great nation and its financial institutions..........................Thats right suck my dick till i come in your mouth!
Rather than "downsize" they are looking for an excuse to fire anyone. Maybe someone's bonus was in jeopardy, or something.
"it’s nice to know that honest firms like Goldman are on the job when it comes to watching for any kind of nefarious shenanigans."
"I swear to God I'll pistol whip the next guy that says 'shenanigans'."
https://www.youtube.com/watch?v=MFZG8KQJni8
So only 20 had losing trades this year?
And I would love to see the compliance test of their Chief Ogre!
GS should hire me............its kinda hard to pass on hiring a jedi knight trader................and karmas a bitch too
How does the saying go??
There is no honor among thieves.
Kinda half assed article. Every sercurity OFICE is REQUIRED to have a compliance officer on premise by law and it cannot be the office manager. Now of course this is subject to the wrath of our very best the SEC to over see all it. Can you spelll and smell this---for the little guys of course. Milestones
'Of course the ultimate punchline here is that "compliance" tests are seen as essentially a waste of time'
but "protect lloyd's plausible deniability" tests are invaluable!
They fired them because they got caught. They didn't fire them because they cheated.
OFF TOPIC
As I previously said "China locked Goldman Sachs into the stocks GS had been manipulating since November 2014.
Today we learn that
We see that China had a geat many of their stocks suspended from trading at the end of the 2nd quarter and the begining of the 3rd quarter and MIRABILE DICTU poor Goldman Sachs has lost its trading edge.
For all of you who don't believe the Chinese know what they're doing, GET A CLUE.
Goldman Sachs vetted the analysts before they hired them. What is the probability that GS would fire twenty analysts at once if they were a professional Corporation that acted ethically when they hired staff?
P=0.0000000000000000000000000000000000000000000000000001
"The values we foster" They put great value on manipulation no doubt.
I would like to see Blankfein, the Jew, marched out back and placed at the end of a Firing Squad!
BOLOGNA
The 20 dudes and dudettes who were fired are the Goldman Sachs employees who should have known that China's public corporations had the right to suspend trading in their companies' shares till the Mongolian Beef comes home.
With hindreds of billions of Goldman Sachs' yuans locked into stock suspended from trading, the GSG (Goldman Sachs Goniffs) have been unable to use these funds to manipulate markets around the world and now show a less profitable 3rd quarter.
The twenty employees have probably been severed with moderate 8 figures which can be recovered by GSG if they release any of this information to the media.
God Bless Wall Street.
poor guys down to 363,000 https://www.opensecrets.org/politicians/summary.php?cid=N00000019&cycle=...