Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist

Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist
Journalist @baltimoresun writer artist runner #amwriting Md Troopers Assoc #20 & Westminster Md Fire Dept Chaplain PIO #partylikeajournalist
Showing posts with label Bus Econ Goldman Sachs. Show all posts
Showing posts with label Bus Econ Goldman Sachs. Show all posts

Friday, March 23, 2012

Catherine Rampell – New York Times: Making Sure Your Exit Music Is Loud and Clear – Greg Smith’s exit from Goldman Sachs

Catherine Rampell – New York Times: Making Sure Your Exit Music Is Loud and Clear – Greg Smith’s exit from Goldman Sachs


Over the years, Hollywood has offered many examples of employees who’ve made dramatic exits from jobs or situations. Clockwise from top left are Jennifer Aniston as a waitress in the 1999 film “Office Space”; Tom Cruise in “Jerry Maguire” (1996)”; Edward Norton in “Fight Club” (1999); and Anne Hathaway, shown with Meryl Streep, who was playing her imperious boss, in “The Devil Wears Prada” (2006).

Published: March 17, 2012

WE’VE all dreamed about it at one time or another — that exquisite moment when we finally muster the courage to tell the boss what we really think.

For Greg Smith, that moment arrived last Wednesday.

As the world now knows, Mr. Smith is the young man who made one of the most spectacular exits Wall Street has ever seen. He resigned from Goldman Sachs — but he didn’t stop there. He also wrote an Op-Ed article in The New York Times, in which he contended that the culture inside Goldman was “toxic.” The bank, he said, routinely took advantage of its clients. (Goldman vigorously disagreed.)

To some, Mr. Smith was a hero — not quite Norma Rae, granted, but close enough for post-bailout Wall Street. After all, he stood up to the mighty Goldman, the Street’s version of The Man.

Related



March 21, 2012



"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Thursday, March 22, 2012

When Vampire Squids Become Cannibals – by Kevin Dayhoff – The Tentacle March 21, 2012

March 21, 2012



In case you missed it, last Wednesday Greg Smith, a Goldman Sachs executive, resigned. Actually it was really no big deal, except while he was on his way out the door, he burned his bridges and then strafed the wounded.

Mr. Smith publicly nuked Goldman Sachs in a scathing op-ed article in The New York Times that left many holding their hands up high and shouting “Alleluia.”

Last Wednesday began the same as many of the most recent monotonous mid-week editions of the end of winter blues as our nation’s wounded business and financial community continues to snort and bellow while it tries to extricate itself from an economic tar pit and in the process, try not to pee all over itself anymore than it already has.

The European sovereign debt crisis continues to languish in the markets like a bad hangover and economic public policy, especially unchecked profligate U.S. sovereign spending and debt, continue as troublesome issues. And where there is a financial cesspool, one can count on Goldman Sachs merrily swimming with the rest of the bottom-feeders and leaches.

So, as one may imagine, a headline like “Why I Am Leaving Goldman Sachs,” caught my eye.

Goldman Sachs, the venerable ginormous, intergalactic investment banking, financial services and securities firm has arguably found itself in the caustic crosshairs of public scrutiny more in the past several years than at any other time in its storied history that goes back to 1869… http://www.thetentacle.com/ShowArticle.cfm?mydocid=4986

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"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Wendell Potter: Goldman Sach's Greg Smith Could Just Have Easily Been Telling the Truth About Health Insurers

Goldman Sach's Greg Smith Could Just Have Easily Been Telling the Truth About Health Insurers


Wendell Potter 03/19/2012


As I was reading former Wall Street executive Greg Smith's bombshell of an Op-Ed in the New York Times last week, I mentally inserted the names of the big for-profit health insurers -- two of which I worked for -- in place of Goldman Sachs, where Smith worked until resigning on the day his column was published.

Smith wrote that he decided to leave Goldman-Sachs because it had veered so far from the company he had joined straight out of college that he could no longer say in good conscience "that I identify with what it stands for."

He put the blame squarely on Goldman's current CEO and president. It was during their watch, he wrote, that "the firm changed the very way it thought about leadership."

"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics





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Kevin Dayhoff - Soundtrack: July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine

Kevin Dayhoff - Soundtrack: July 9, 2009 Matt Taibbi - Rolling Stone: The Grea...: The Great American Bubble Machine http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405 From tech ...


July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine


“… Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid…”

April 5, 2010 This article appeared in the July 9, 2009 issue of Rolling Stone. The issue is available in the online archive.



20090709 Taibbi The Great American Bubble Machine




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Tuesday, March 20, 2012

Kristi Hedges – Huffington Post: Guess Who's The Next Greg Smith?

Kristi Hedges – Huffington Post: Guess Who's The Next Greg Smith?

3/19/2012


When I read Greg Smith’s blistering op-ed about Goldman Sachs in the New York Times last week, I was floored. My first thought was “How brave!” quickly followed by, “Is he crazy?” Publicly quitting your job with a resignation letter to the world stating that your former company is “ripping people off” with “morally bankrupt” leadership is not a good career move… http://www.forbes.com/sites/work-in-progress/2012/03/19/guess-whos-the-next-greg-smith/

[…]

Though Goldman attempted to undermine his credibility by calling him a “disgruntled, mid-level employee,” numerous accounts corroborate what Smith himself said: he was a star performer on a fast-track who felt compelled to call out an ethical breakdown in one of our vaulted institutions. One of Smith’s colleagues described him as having a “clear moral compass.”

I can’t speak to the accuracy of Smith’s account at Goldman, or why it took him 12 years to figure all this out. And frankly, that’s not why I’m writing about it.

At some point in our careers, many of us will find ourselves in a place where what we’re asked to do at work directly contradicts our own deeply held values. I’m not talking about the small indignities that come from having a boss on a power trip or a job you hate. But rather the piercing jabs at your conscience that make you wonder who you really are.

If you don’t know what I’m talking about, count yourself lucky… http://www.forbes.com/sites/work-in-progress/2012/03/19/guess-whos-the-next-greg-smith/

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Sunday, March 18, 2012

GOLDMAN SACHS' RESPONSE TO MARCH 14, 2012 NEW YORK TIMES OP-ED


GOLDMAN SACHS' RESPONSE TO MARCH 14, 2012 NEW YORK TIMES OP-ED

The following is the message Lloyd C. Blankfein and Gary D. Cohn sent March 14, 2012 to the people of Goldman Sachs.



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 we expect you find the words you read today foreign from your own day-to-day experiences, 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… http://www.goldmansachs.com/media-relations/comments-and-responses/current/nyt-op-ed-response.html

UPDATE: ++++++++++


March 21, 2012



So, as one may imagine, a headline like “Why I Am Leaving Goldman Sachs,” caught my eye.

Goldman Sachs, the venerable ginormous, intergalactic investment banking, financial services and securities firm has arguably found itself in the caustic crosshairs of public scrutiny more in the past several years than at any other time in its storied history that goes back to 1869… http://www.thetentacle.com/ShowArticle.cfm?mydocid=4986

++++++++

"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Friday, March 16, 2012

New York Times Greg Smith: Why I Am Leaving Goldman Sachs

New York Times Greg Smith: Why I Am Leaving Goldman Sachs


OP-ED CONTRIBUTOR

Why I Am Leaving Goldman Sachs

By GREG SMITH

March 14, 2012

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.



To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for… http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1&pagewanted=all&src=ISMR_AP_LO_MST_FB

Related




"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." …http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






*****

Wednesday, May 05, 2010

July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine

The Great American Bubble Machine


From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again

by: Matt Taibbi

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates… http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405?print=true


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July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine


“… Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid…”

April 5, 2010 This article appeared in the July 9, 2009 issue of Rolling Stone. The issue is available in the online archive.



20090709 Taibbi The Great American Bubble Machine

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Friday, April 23, 2010

Washington Post: News Alert: Goldman Sachs readies forceful response


News Alert: Goldman Sachs readies forceful response
09:35 PM EDT Friday, April 23, 2010
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Goldman Sachs is preparing its most detailed defense yet to allegations that it misled clients in its mortgage securities business, arguing that it was unsure whether housing prices would rise or fall and did not take any action at odds with the interests of its clients.

An internal Goldman document, prepared for senior executives and obtained by The Washington Post, addresses the criticism that the bank invested its own money betting against the housing market while simultaneously urging clients to invest in securities that would increase in value only if the housing market did.

For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/U38ITL/CZ4TR/HQ1E1P/F3Y3P1/7D7C6/XL/t
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Wednesday, April 21, 2010

Testimony Could Undercut SEC Charge Against Goldman


Testimony Could Undercut SEC Charge Against Goldman  —  The government has testimony from a Paulson & Co. official that could contradict its own claims against Goldman Sachs, CNBC has learned.  —  Paolo Pellegrini told the government that he informed ACA Management that Paulson intended to bet against …
 
RELATED:
Rich Blake / ABCNEWS:
Largest Hedge Fund Political Donations Go to Democrats

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Paulson reassures on Goldman role

The timing of the Securities and Exchange Commission civil law suit against Goldman Sachs is curious at best and smells of dirty politics.  Never mind the SEC will most likely not prevail ...  As you start peeling away the layers of the onion on this, perhaps starting here is as good as any place:
 

(Reuters) - Paulson & Co, the hedge fund linked to civil fraud charges against Goldman Sachs Group Inc, moved to head off investor concerns about its role in a deal that has scarred the reputation of the Wall Street bank and overshadowed blow-out quarterly earnings.

Goldman is accused of defrauding investors by failing to say that prominent hedge fund manager John Paulson bet against a Goldman subprime debt product that he helped design.

Goldman is being investigated by the Securities and Exchange Commission (SEC) and Britain's market watchdog, which launched its own probe on Tuesday. Its shares are down 13 percent since the SEC laid its charges, and closed 2 percent lower on Tuesday despite thumping quarterly earnings expectations.

Goldman's troubles also caused political reverberations.

A top Republican congressman questioned whether politics affected the timing of the government's case, while in Britain, the Liberal Democrat party's leader said Goldman should be banned from UK government contracts until the case is settled.

Paulson, in a conference call on Monday and followed up with a letter to investors late on Tuesday, says neither he nor anyone else at the firm had received a so-called Wells notice indicating that charges might be filed against the fund, several investors who listened to the call said.

No one had yet notified the $32 billion fund of their intentions to pull money out, they said.

Read the entire article here: http://www.reuters.com/article/idUSTRE63K0C620100421?feedType=nl&feedName=usbeforethebell

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