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Official Memo From Lloyd And Gary To Employees: "89% Of You Provide Exceptional Services To Clients"
The Greg Smith drama refuses to go away (probably for a reason). Earlier, we presented a spoof response from a spoof Goldman CEO. Now, courtesy of the WSJ, here is the real memo sent out from Lloyd and Gary to employees in which we learn that "89% of Goldman employees self reported they provide exceptional services to their clients." But what about the remaining 11%? Because out of 10 employees, just one is required to rob a client, whatever that means these days anyway, blind. Oddly enough, didn't CFA Magazine just find that 10% of all Wall Streeters are psychopaths? That more or less explains it all.
From the WSJ
March 14, 2012
Our Response to Today’s New York Times Op-Ed:
By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.
In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.
While I expect you find the words you read today foreign from your own day-to-day experiences [ZH: maybe not Tom Stolper but that's just a guess], we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.
First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.
And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them. For the group of nearly 12,000 vice presidents, of which the author of today’s commentary was, that number was similarly high.
Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue, however, if an individual expresses issues, we examine them carefully and we will be doing so in this case.
Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You’ve not only told us, you have told external surveys.
Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.
We are far from perfect, but where the firm has seen a problem, we’ve responded to it seriously and substantively. And we have demonstrated that fact.
It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.
Thank you.
Lloyd C. Blankfein Gary D. Cohn
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Wow -- Stolper services 11% of Goldman's clients? That's one awesome dude!
We are the 89%!
In other news...the banks do pretty much whatever the f*!K they want anyway:
http://www.planbeconomics.com/2012/03/13/fed-shrugged-off-warnings-let-banks-pay-shareholders-billions/
GS=Greg Smith=GS
Big fucking deal like everyone with a pulse didn't know that GS=EVIL VENAL SELFISH SOCIOPATHIC CULTURE and will destroy financial institutions and itself for an extra buck.
Reminds me of a certain sick whore I used to know....
HUH? You people have missed the point.
89% of them are reporting that they are "servicing" their clients well, which means they are robbing the fuck out of them. And that is excellent.
The 11% are those who think like the guy who left.
What next? To further foister customer loyalty GS private label vasoline?
That's what I was thinking, 89% of GS employees are bloodsucking scumbags. Also, they TWELVE THOUSAND vice presidents? How does that even begin to make sense?
Goldman Sachs and the way they do business is as productive and moral (as well as legal, at least from a civil law perspective, and most likely a criminal lawone; where art thou, Eric Placeholder?) as Hudson, Timberwolf, Abacus and about a hundred thousand other scams that rape their clients and anyone else in the path of their sole aim of making as much money as they can regardless of what the collateral damage is.
You see, money is literally like god to these types. They literally worship it.
Now, I like money, because it gives me freedom to do the things I am passionate about, and to ensure my family has what they need to ensure the best possible chances that they will be healthy (medical care & nutritious, real food is relatively exepensive), well educated (formal or not), and have the best odds of being able to pursue life, liberty and happiness on their terms, within a moral framework, hopefully helping as many people in need of help on that path.
But I don't worship money, letting it become the sole objective of my life, controlling my actions, deeds and thoughts 24/7.
And that's why ony psychopaths & sociopaths thrive at such 'institutions' as Goldman Sachs.
Fishead#TheImportantThingIsThatJonCorzineLiveTheRestOfHisLifeLarge&Free
there's a group of people that loves money so much that they are prone to naming themselves after it
30,000 people surveyed top 5 answers on the board you want to play or pass?
“First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.”
So, 15% didn’t think it was important to respond, out of 30,000 that’s 4500 top fat cats.
The other 25,500 employees are probably happy they have a job and would never say anything against the squid.
The numbers quoted are as fake as any graph, chart, financial statement,……………
GS runs the B[L]S, too?
a VP in an IB is not the same as a VP in an ordinary corporation. The level above PM is VP...they don't have the corner offices, which are for principals (level above VP). Generally above that are directors then managing directors. Yes, I used to work in an IB which is how I know this.
I left the IB because I wasn't being given access to enough clients to rob. There just weren't enough silverbug muppets to blowtorch to make my numbers
streetcrawler asked:
A VP at Goldman Sachs is similar to a VP at MERS. Starting to make sense now?
I can't imagine anyone stupid enough to hire GS to manage their investments. They literally must never pick up a newspaper or have access to the Internet.
White collar criminal sociopaths are funny people. Top priority is fame and glory, of which 90% of it can be easily attained if you have money. Therefore, the self feeding loop of acquiring more and more becomes the MO to create the God-like image. How the wealth is attained is a wholly different issue and one the sociopath won't acknowledge.
When the word gets out that they might be a wee bit greedy or corrupt, they have to protect their illusionary image. After all, the sociopath has nothing if he is revealed to be a fake, whether he is or not is irrelevant. IMAGE is everything. Hence, Lloyds' reply. Damage control is not damage control if the firm was structurally sound to begin with. And Lloyd need not reply if he (and the firm) didn't have a fake image to uphold in the first place.
And calling clients muppets? That's nothing........how about pigs getting slaughtered? Whores because they chace yield? Had a MD say one time........'They knew what they were buying, they're all pigs, yield whores that want to get fucked......fuck'em!'
And when there's a problem.......they scatter like roaches.
Dude, you missed the important part- "For the group of nearly 12,000 vice presidents, of which the author of today’s commentary was, that number was similarly high."
Similarly...but not the same. Which is like saying a Big Mac is similar to a salad.
If it had been high they would have published it. I would guess it's in the 70's making it 2-3 out of 10 are a bad apple.
Who is surprised that the 89% who are sociopaths would consider themselves to be providing exceptional service? Too funny to expect anything other than that response.
For the most part, the individual members of a herd itself reflect the (lack of moral) values of the herd. And we all know that the fish rots from the head back.
We can all hear the self congratulatory back pats from GS to GS.
CNBC is now completely unbearable to watch. The cacophony of dick slurping going on would embarrass a porn fluffer.
Warning. Not for the office.
http://www.funnyordie.com/videos/6fef5010d1/the-fluffer
Good God, that is insane funny!
85% of the firm responded to the survey and of that 85%, 89% says they are doing a good job for their client's welfare. I am sure the likelihood of you responding to a survey is higher if you actually believe in the company and its culture. Which means actually that only 76% of the entire firm puts their clients ahead of themselves...even in front of an oncoming train....so 24%, not 11% of the employees of GS (God's Sanctuary) actually does the Devil's work....but I am sure 76% is still a very very good number, by Goldman standards
if I have to take clients' money to increase my bonus, I would rate my service to my clients "Excellent" or "Perfect". Wondering why the percentage is not 100% rather a paultry 89%...
If you want a real mind bender Fidelity pays brokers based on client feedback. If they were good they got paid. So it's more of a popularity contest than long term results.
And maybe 84% internally acknowledged that they are blood hungry vampire devices, but nonetheless gave pro-client answers on the survey because them's the only answers that will never blow back in their cum-sucking faces if the survey's not as private as advertised.
no the best part is "Before & After the financial crises"
who the fuck told you that the crises is over mother fucker???
he's saying 89% of the 85% that responded to the survey
I thought that, 75% in fact.
Thing is no matter how many respond, who is going to have the balls to score 1 out of 5 for 'please rate your satisfaction with the work you do'
Even though the surveys are 'anonymous' no one in my place believed they weren't tracked, so everyone scored 4 out of 5 and the ass-kissers clicked 5.
I love the shoes at the edge of the couch.
Which end is the ass end Banzai7?
Hard to tell...
If you work at GS, I would suggest that you look behind your back when you walk around on the street. I am sure anyone can smell your squid stench from a mile away.
I suppose you could call this working at Goldman Sachs in a manner of speaking.
As for the stench, thou who smelt it...
They don't have to be careful of anyone on the street.
GS employees seem to excel at killing one another.
Kill or be killed in brogues.
Ty: it's actually higher than 10% of all Wall Streeters being psychopaths more at sociopaths.
"89 Percent of you said what ever we wanted you to say, because we are one of the few houses still trading this shit, and you need us, we thank you...."
Word on the street is that Greg Smith's next project will be Armada Markets. I hope he will find a better environment there.
It was not me said:
It is almost guaranteed he will find a better environment at Armada Markets. His first assignment there will be gathering dead fish floating in the harbor at Tallinn. This is the main ingredient in Imitation Ljutefisk, the latest exciting product from Armada Markets, a global leader in all things fishy.
"If It's Bad Smelt, It's Armada Markets!"®
my classmate's sister makes $82 hourly on the internet. She has been out of work for 10 months but last month her income was $17192 just working on the internet for a few hours. Read more on this site .... http://qr.net/h7eu
Say, that's not bad money for fellating goats on a webcam. Does your whole family do that, or are the retarded ones relegated to blog spamming?
I would love to see an anonymous poll of all their clients and see how they feel...in the end the clients could give a fuck about reps whopat themselves on the back, the clients care about service and performance...I'll bet that number is below 89%.
"First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.
And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them."
Umm...0.85 x 0.89 = 75.65%. 100 - 75.65% = 24.35% of the GS employee base disagrees, apparently believing that clients are like muppets to be manipulated for all they're worth.
Hmmm, wonder if Lloyd has Stolper in the 11% seating section?
god's chosen doing god's work.
Money laundering is hard work. If you can't cut it, get the F- out.
Quotas got to be met.
"Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns."
Translation: Try that shit before you clean out your desk, and I will do God's work on your ass without lube.
"mechanism" = unemployment line
I was thinking of a noose, fashioned from the electric cords of the table lamps in HR office waiting room.
Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides.
uhmmm, when viewing the UK unemployment rate...isn't GS-UK the only place with work now? Kinda "best" by default.
of course it's a good place to work if you are a greedy mouth breathing cocksucker. For humans, not so much
"Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides"
Funny, that's not what I heard from people that worked there.
In fact, the "best place to work" surveys they do in Finance in the City are pretty much hillarious - some of the worse companies consistently come out on top.
Frankly, with their huge, loud open space environments with no decoration or plants, stiffling bureaucracy, infighting, near-non-existent organization, abundance of cocky prima donnas and crazy overwork, all the big financial institutions is the City are much worse places to work in than most other industries. It's not by chance that they invented the liquid lunch around here: sometimes the only way to survive the rest of the day is to get piss-drunk by lunch.
frankly, stopler's efforts in light of goldman's real mission -- robbing clients and the public deaf, dumb and blind -- has been beyond superb. riding his coattails thanks to Zerohedge, i'm made some nice money this past year.
12 000 vice presidents? My God, they are worse that the Saudis... I thought that in order for a corporation to have 12 000 vice presidents they needed to employ all of the worlds population.
And I too think that they should look in to the results of the survey. Apparently there are about 11% of the work force that needs a good firing.
Goldman puts the vice in vice presidents.
Personally, I´d rather put a Goldman Sachs vice president in a vice than the other way around but hey, I´m not Lloyd Blankfein...thank God for that.
he just announced an 11% layoff
no. he just announced at 9/10 layoff. "exceptional" is just shit performance.
you have to go for blood with GoldMan.
Golden Sacks, doing Gods work 89% of the time! OY VEY and pass the matzoballs, beotchez!
How would we feel if 89% of drivers were paying attention on our daily commute?
I'd be confused that suddenly so many have become alert.
Seriously, if I see two out of every ten drivers pay attention to ALL other traffic around them, I'm shocked, as it's rare to see two in close proximity.
What do I see instead? Knee-jerk reactions as they ALWAYS fail to anticipate. I've usually adjusted to their reaction before they're even aware there's anything for them to consider.
That's more or less good math.
Only a B++, just not a "A" rating. Knockdown, gotta do better.
This letter had the same effect on me as castor oil.
# For the group of nearly 12,000 vice presidents
OUT OF 30.000.... ? madness...
wonder , are security guards too v. presidents?
alx
you beat me to it...at least I'm not the only one who found that odd
Almost all of 'the chosen ones' are Vice Presidents. Even the nite janitor.
Hookers & blow for the nite janitors, eh?
I think the janitors just get to snort the crumbs off the floor clean and jizz-mop...but still...sloppy seconds to a VP...that's saying something!
So they have over 30,000 people working for them of which 12,000 are Vice Presidents.....
Apparently, muppets don't know the distinction between being A VP v. being THE VP of a firm. There is no better accomplice to robbing people blind than making them feel good about themselves while your doing it.
In that environment, real titles start at Managing Director (basically an area head). The rest is pure title inflation to make the 'tards feel important.
Mind you, it works. I've worked in Investment Banking, having come from a different industry, and what you see there is people who think being paid more means they're some of the best in their profession, surrounded by peers who think the same of themselves and each other and, since the vast majority of them have never worked outside the industry, are blissfully unaware that most of them are in fact very mediocre.
It's like the whole industry is an inbred clusterfuck.
I worked as an account temp for a bunch of stockbrokers back in the 90's. I reconciled the outside bank accounts against our numbers. After a few months, I figured out how they were making their money. They'd get out of a Gennie Mae at 5 1/4 and into a Freddie Mac at 5 1/2, using $150 million and pick up the difference. Easy money!
They drove BMW's, Porsche's and the usual 'rich dude' cars and they were all arrogant dickheads to a man. They treated the hired help like dirt. Wouldn't even talk to you, that's how bad it was. Greetings? Hah, more like a sideways nod and that was if they were feeling generous.
Their hands were soft and I seriously doubt that they could do anything meaningful with their mitts. Pull the heads on a Chevy big-block? I don't think so. Get a vintage Porsche Carrera 4 'vert, barn-find running? No way, they'd have 'Gunther' at the dealership do it and they'd take the reaming. Drop them off at a local junkyard in the bad part of town and see how comfortable they'd be.
No, the scary number is 30K employees and what does GS produce??
No- do the math on my estimate above.
At 80% of 12,000 thinking things are fine But 20% or 2,400 of the footsoldiers felt otherwise.
And in the brokerages foot soldiers are the face to the company.
Titles are given due to production. In other words.........they have probably 12,000 veeps raping the public as at least half-million dollar producers. Less than that would be junior VP etc.
Four Horsemen.
liquidity /sarc
Classic rebuttle. You know HR is tracking your "anonymous" surveys and will be used against you when appropriate which is why the surveys were so high. The emperor has no clothes...
I was a SVP in a large company in the US. I have had survey results quoted back to me verbatim. From anonymous surveys
What a nice man. Very thoughtful to send out an email. I remember receiving a compliment email back in the day as a funder and it made me feel all warm and fuzzy inside
How difficult an environment is it @ GS? What with the waterfall of tax payer money.
"client's long term interest" the only thing shocking (about any of this) is that GS actually have clients or trust at this point
t
"And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them."
95% of people think they are 'above average' drivers. What a worthless metric.
100% of fat chicks in spandex at happy hour think theyre smokin hawt.
http://twitter.com/#!/gselevator
Real or fake, still funny
just keep drinking sheep and you'll see it come true!
But don't the one-in-ten psychopaths who are robbing their clients blind also lie and report they gave their clients "excellent" service?
Bankrun
Just Do It
Let's see if you've coined a money term for the 'bots. Check NANEX for flash-crash at 12:54...
(would be nice, no?)
there wont be a crash! R2D2 is in full control of the market
/s
Wonder if the 30K people who work at various Goldman firms realize the size and ferocity of the global "fist pump" that would ensue from the rest of the world if (and when) either A) their firm goes bankrupt or B) if any of their buildings/CEOs were to be attacked.
I really think that sometimes, they really don't realize that 95% of the world HATES these motherfuckers.
Yet again, if I was sitting on piles of cash, I'd probably not give a fuck, either.
I work with two guys who knew or know people at Goldman. The first used to work on the LIFFE floor in London at the back end of the 90s and says that most of the GS people were 'up their own arses', the second younger one has an acquaintance who has become 'a cock-end' since working there - their quotes, not mine!
I'm absolutely sure that not all GS people are the same, but if the overall culture becomes tainted it's a very difficult smell to remove.
DavidC
Your mate from the LIFFE floor will no doubt remember that their Pit trader who was called Archie was extremely good at his job - perhaps because when he was trading he had the attention of the crowd in whatever Pit he was working orders, but he was sharp, efficient and well respected if not liked. Their floor manager who went by the name of `Beef` was also a no nonsense character who kept a fairly low profile. If he thought you could fill big orders for GS without making a drama out of it you were pretty much made. GS filled very few of their own orders farming them out to other institutions or `locals` from the booths where their phone `brokers` worked around the sides of the Pits. And those youg men were without exception arrogant pricks that stood out from the crowd of mostly arrogant pricks that populated the LIFFE floor. That said, I miss the place!
A lot of the solid prop trading talent has been quietly leaving the London office over the last 18 months. Most dont need to ever work again anyway, but thats not why they are leaving. Its simply more fun to work at an organisation without the bullshit culture, or social stigma. The youngsters I meet from Goldman these days are fairly uninspiring, educated to the hilt but without the strength of character that is often the mark of a realy good trader. But then I suspect that Goldman do not care about trading like they used to, far easier to rob and frontrun for a living, and they are brilliant at it.
If 95% really hated them, they would not exist. Instead, you'll be lucky to find even 50% that have an opinion of them. Of which, only a third will perhaps have an informed opinion.
Funny he mentions the employee survey, but not the results of the client survey they did at the same time.
I wonder why.
99% of those not working at GS hate your guts.
What bullshit! That new corportate spin asshole they hired today should be fired.
Hey, Lloyd great response. Now go fuck yourself and die.
100% of my employees said they are happy! The two who didn't were sent to labor camp to be "re-educated."
They are so exceptional that no one else can surpass them in evilness
Yes, I'd like to self report that I am an Adonis, a superb cook and fantastic in bed.
DavidC
"Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue..."
Well of course they wouldn't if its really anonymous....
"...but we are still looking for further evidence of his insubordination."
Talk about meaningless and self serving data.... Distoration masters, pyschofuckingpathic liars and cheats. Lets poll the tens of thousands that have been pillaged. The devils minons think they are doing a good job, insulting and useless BS.
"When everybody's somebody, nobody's anybody" W.S. Gilbert, "The Gondoliers"
12,000 vice presidents !!!!!
The concept of a vice president at every "branch" worked when banking ponzi was manageable in scale. 12k VPs is the very definition of TBTF.
That they mention this in a letter certain to hit the public domain 1 sec after pressing send (and thx for being #1 as always ZH) indicates how normal it still sounds to them.
Enjoy counting the money, because after the world sifts through the ashes created in your wake this nation of hunters is going to track you down.
The banksters that don't get shoved into ovens will be swinging from lampposts.
Remember. You had to earn this kind of bad karma.
I was in Boston some months ago in a bar. Some junior a-hole from GS was yap'in it up with some other banker buddies. Actually heard the word 'muppet.'
One last drunken remark and then I sucker punched him in the face.
Stupid. I was toast, but then I said; "He's Goldman Sachs."
I walked clean out of there.
The easiest thing we could do is arrest the entire firm; from the janitor to the bosses and put them under the ocean. Throw in the chauffeurs, security guards, attorneys and lobbyists for good measure, because without them they couldn't do "G_d's work."
The Sun would shine a little brighter that day. The very Air we breath would be cleaner.
You guys are looking at this bassackwards. 89% at GS are psychopaths - narcissism goes hand in hand with the condition. Only 11% working there had the humility to admit/accept anything less than "exceptional" performance.
You can bet your ass these guys "screen" during recruitment for these types - and there are plenty available.
I think Lloyd makes a fair point.
In fairness the paper(s) should survey Goldmans customers and others impacted by the nature of what Goldman does.
Not fair to voice only one man's opinion they should invite more comments - how Goldman affects me. Maybe have a march.
I'd like to see it differentiated between customers who manage OPM vs. their own (if there's any left).
89% is an oddly specific number...
A Den of Thieves.
They've been targeted for the fast track program to senior management.
As well as to the "regulatory" agencies.
on loan to Us Treasury Dept
Wouldn't it be funny if Greg Smith was/is executing Banskter GoldenSlacks PR strategy exactly "as planned" from deep within and inside the high Perch. Hotel California says he will be a TV co-host like Jammer and FasterMoney "know-it-alls" expert side co-hosts aiding the abetting. When is that FaceBook issue expected to begin trading anyways>
Perhaps the NYT Editorial was GS compliance approved... you just never know with Dez Guzs.
Yawns. Rebuttal was dry, canned, and reeked of (ME, ME, I, I) egotistical rhetoric.
Quite surprised to learn that GS has 12,000 VP’s. How many GS VP’s does it take to screw a Muppet?
It only takes 1 VP to screw a muppet, which is why it sucks to be a muppet.
Goldman Sachs was named one of the best places to work in the United Kingdom
Another one of those secret surveys !
Most people don't know Goldman Sachs from the Cosa Nostra and that is internally !
He was going to say 99.9% but the PR types suggested that might be misinterpreted
I think they've been reading Jack Welsh's book.
Bottom 10% and all that.
As for the other 11% of you, there's a partners meeting in 20 minutes.
I read this as 89% of Goldman employees are blatant liars.
Counter rebuttal: everything an HR department says is bullshit.
Also, this does address the issue. You can "feel" your culture is great. But if your culture is great at rewarding fucking your clients is what Greg Smith brought up. Defend how you aren't fucking your clients or how your guys have skin in the game when you make recommendations. I'm so glad you "feel" like you have integrity. Until demonstrated otherwise, his opinion is just as valid as yours.
Said the pimp to his hos.
Like anybody believes a fucking word these douche bags say.
Damage Control.
It will continue in the MSM and Smith will be linked to conslpiracy theories of aliens, Bigfoot, Elvis sightings and the return of the Hindenburg. We will also find out that Smith has a drug poblem, cheated his clients to pay for debt acquired through his insatiable gambling habit, and exhibited delusional behavior to his co-workers.
SOP.
The big swinging dick http://3.bp.blogspot.com/_ikLgN2RxvEo/SHm7bQzSTgI/AAAAAAAABM8/j0ZulH5JGv0/s400/penis-chandelier.jpg
It not that 89 percent are looking out for their clients walfare - Its 89 percent putting clients ON welfare - and thats a good squid thing.
next comes the purge.
any bad attitudes will be shown the door then the clamps come down on the remaining..
wonder how bad attitude is defined within goldman, loose lips?????
this is exactly why Hank Paulson was pissed off at Jon Corzine for taking GS public........clearly Paulson is the much smarter and greater thief
Mister Greg will soon be haunted by unconfirmed stories about an excentric sexlife combined with intensive drug abuse and a lot of other personal issues. Greg will be gardening for the rest of his life, at best.
and the Lloyd said,"let he who will risk bonus cast the first stone."
and 11 percent were fired.
Still time to escape.
Similarily, if you survey kindergartners, 89% of them will tell you that they have never crapped their pants...
I can smell these shitty pants from miles away....
Lloyd just developed a severe shoulder strain from patting himself on the back.
The major problem in the securities industry is that the Brokers do not disclose for whom they work. There needs to be a required simple issued to all investors that says;
Mr. I. Wrk 4MySelf, the Broker you have chosen to work with does not represent your best interests. His primary goal and purpose is to sell financial products created by his firm, The Vam Squid, in order to maximize profits for both himself and his firm. No one working with you at this financial firm or any other has your best interests at heart, nor do they have any fiduciary obligations to you.
This requirement would at least warn people like my 89 year old father that loves his broker that has put his money in long term annuities to maximixe broker up front income. If this had been done, maybe he would not believe that he is really making about 19% a year on his wonderful investment as apparently he is frequently told over the phone, never in writing.
VP at an IB just means that you finished your MBA and have survived one bonus cycle since graduation. The title is given so that you won't be too embarrassed going to a client meeting, which you would be if your title was still Associate.
Blankfein wrote the memo for within and without. His point of noting that Greg Smith was one of 12000 VPs was an attempt to disparage Smith, who in his own Op-Ed noted he had been with Goldman for 12 years. A VP after 12 years suggests less than stellar performance, which was the hidden message, or counterpunch intentionally delivered by Blankfein.
The rank and file at Goldman are no different than the rank and file at any IB. The culture used to be one where you know you made a lot of money, and that should be good enough without showing off to the rest of society. At other firms showing off was a way of life, such as the pilgrimages to the parking lot every other day or so, just after bonuses were handed out, to view somebody's new Ferrari or Lamborghini.
Years ago, back when GS was a private partnership, the culture truly was different. There was an incentive by partners to keep track of what other partners were doing, as well as any trader who had a decent size O/N position limit, because losses were the responsibility of the owners, i.e., partners. There was no TBTF.
The IBs do, or at least used to serve a legitimate function in a capitalist society, helping to aggregate and allocate capital to those in society who may have more ideas than funds. There is nothing wrong with that. It would be nice if WS went back to that, plus went back to being solely responsible for its own errors. Sadly, those days are gone. I doubt Greg Smith ever even knew them.
Greg Smith is in witness protection program now.
They mighty Goldman will get him!