Why I Am Leaving Goldman Sachs

Discussion in 'What's On Your Mind?' started by Lisa Simeone, Mar 14, 2012.

  1. Lisa Simeone

    Lisa Simeone Original Member

    Yeah, I'm glad his conscience finally got the better of him, but why did it take him so long to figure this out? And is he going to return any of his ill-gotten gains? Give them to charity? Return them to taxpayers? Or capitalize further on the culture of greed he decries and snag a book deal?

    I post this because he -- and many of the commenters -- mirror what we say about the TSA: that a fish rots from the head. It's the people at the top who create the culture for the entire organization. When the people at the top are corrupt and abusive, corruption and abuse will filter down to everyone below.

    Will anything change? Ha! What a joke. Goldman Sachs will remain the same -- his erstwhile colleagues are all having a laugh in the board rooms -- and the TSA will remain the same as well.

    Why I Am Leaving Goldman Sachs
    By GREG SMITH
    Published: March 14, 2012

     
  2. Doober

    Doober Original Member

    Yep, been saying that for what seems like forever, but it became especially true with the advent of Pistole and his freakin' arrogance.
     
  3. nachtnebel

    nachtnebel Original Member

    yeah, take a look at the foxes who run that company. Wouldn't want to run into any of those people in a dark alley. They'd microwave their mothers if the price was right.
    But it's not just Goldman. ANY brokerage who maintains their own proprietary positions as well as investing their clients money are going to have this same conflict of interest and do the same things. ALL of these types of brokerages front-run their own customers, that is, they have systems to analyze incoming customer orders to see what the trends are and place trades before executing customer orders, and benefit from their customer trades because they know what they are doing. This harms their customer. The only way to avoid this is to use outfits like Charles Schwab who don't have their own investments.

    Commentators such as Jim Sinclair observed that those investment banks are now all managed by former commodity traders, not by banker types who cultivated long term relationships and thus didn't screw the people they did business with. Traders DO screw people, have no long-term outlook, and have been known to do dishonest things such as arranging for major suppliers of a commodity to withhold from or dump their products on the market at strategic times to affect the futures prices in ways benefittng the manipulators.
     
    Lisa Simeone likes this.

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