goldman sachs is the devil part 129804

[pmbug]

lol:

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
...
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.

More: http://www.nytimes.com/2012/03/14/o...goldman-sachs.html?_r=2&pagewanted=all?src=tp

 

[bushi]

wow... just wow. Very brave (or stupid, or both) of him - it is generally not appreciated, if you speak ill about the company that you are leaving. I'd say that any executive director is very well aware of that. I wonder, how it was for him in there, if knowing all this, he still decided to go public with such a statement!

 

[rblong2us]

perhaps hes been sacked .........

you never really know what games are being played by these fekkers

Hes clearly not stupid.

 

[pmbug]

From Nomi Prins, former Managing Director at Goldman Sachs and author of It Takes A Pillage

My Statement Regarding Greg Smith's Goldman Resignation

Today, I have received dozens of media requests and hundreds of emails regarding former Goldman Sachs executive, Greg Smith's gutsy, and internationally resonating, public resignation.

I applaud Smith's decision to bring the nature of Goldman's profit-making strategies to the forefront of the global population's discourse, as so many others have been doing through books, investigative journalism, and the Occupy movements over the past decade since my book, Other People's Money, was written after I resigned from Goldman. It would be great if Smith's illuminations would serve as the turning point around which serious examination and re-regulation of the banking system framework would transpire.

The inherent conflict of interest that firms such as Goldman possess through enjoying the multiple roles of 'market-maker,' 'securities creator' and 'client-advisor' foster an environment rife with systemic risk. The trading revenue portion of Goldman's profits, as well as its derivatives vs. assets ratio, is the highest amongst the American bank holding companies. And yet, in the fall of 2008, the Federal Reserve approved Goldman Sachs (along with Morgan Stanley) to alter its moniker from investment bank to bank holding company, thereby allowing it to gain access to federal subsidies and potential ongoing support.

In this regard, the firm's practices should remain under intense scrutiny by the general public and legislators. I would hope that the message behind Smith's resignation will not be obfuscated by debates over the extent to which the firm's clients are either supported or exploited, but instead, serve as a powerful call to foster a more-strictly delineated and less reckless financial system.

Source: http://www.zerohedge.com/news/one-ex-goldmanite-another-nomi-prins-statement-greg-smiths-resignation

 

[DCFusor]

He sounds just like a guy who burned out from overstress. I'm kind of familiar with that one. Everything becomes so doggoned important. Did everyone see the other whistleblower from CBO, over on ZH?
http://www.zerohedge.com/news/termi...-zero-hedge-exposes-deep-conflicts-impartial-

A bit more substance to that one.

 

[ancona]

This guy might have grown a conscience.

Some people are just not cut out of the kind of cloth it takes to lie, cheat and manipulate your clients. As he says, it all started out well, but slowly over time morphed in to something evil. I applaud the guy, but he'll never be able to get a job in the industry again, that is for certain. Perhaps he could go to Stanford and teach ethics?

 

[DCFusor]

If it took him 12 years to figure out GS - from the inside - I hope he doesn't go teach ethics, he clearly doesn't have much of a clue.

 

[pmbug]

Jim O’Neill, chairman of Goldman Sachs Asset Management, is a candidate for governor of the Bank of England, the Sunday Times reported, without saying where it got the information.
...

http://www.businessweek.com/news/20...-candidate-for-boe-governor-sunday-times-says

Bow before the oligarchs peasants.

 

[ancona]

Amazing. When are people going to get a clue? If I can see right through this, why can't the rest of the world. The banksters are slowly taking over the world.

 

[DoChenRollingBearing]

ancona, all of us here are resisting just by being here. Those of who continue to buy gold are resisting even more.

I saw at Drudge that Occupy will be out in force tomorrow (Mayday, the rest of the world's Labor Day). Uh, no, I will not join them. If I have time to run over to the coin shop I may buy an oz...

 

[pmbug]

Greg Smith's book is now available:

 

[pmbug]

* necro bump *

Goldman Sachs is laying off fewer employees than feared, but the cut is still a deep one.

The global investment bank is letting go of as many as 3,200 employees starting Wednesday, according to a person with knowledge of the firm's plans.

That amounts to 6.5% of the 49,100 employees Goldman had in October, which is below the 8% reported last month as the upper end of possible cuts.

The final figure, reported earlier by Bloomberg, is a result of internal discussions between business heads and top management over the last month, said the person, who declined to be identified speaking about personnel decisions.
...

Goldman Sachs is cutting up to 3,200 employees this week as Wall Street girds for tough year

Goldman CEO David Solomon kicked off Wall Street's layoff season in September and then opted to enact the industry's deepest cuts so far.

www.cnbc.com

 

[rblong2us]

Is Greg Smith being employed by GS as a freelance management consultant ?