Top Leaderboard, Site wide
September 19, 2014
Truthdig: Drilling Beneath the Headlines
Help us grow by sharing
and liking Truthdig:
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Newsletter

sign up to get updates


The Wheel Turns, the Boat Rocks, the Sea Rises
Warming Will Leave Drought-Hit California Reeling
A New Way Insurers Are Shifting Costs to the Sick




On the Run


Truthdig Bazaar
The Terror Dream

The Terror Dream

By Susan Faludi
$17.16

more items

 
Ear to the Ground

Goldman Sachs Exec Exits With a Bang

Email this item Email    Print this item Print    Share this item... Share

Posted on Mar 14, 2012
AP / Mark Lennihan

New Yorkers walk to work outside the Goldman Sachs mothership in Manhattan.

We’re guessing that outgoing Goldman Sachs executive director Greg Smith’s last day on the job Wednesday was pretty awkward, given what he had to say about his employer in a scorching Op-Ed article printed in The New York Times for the occasion. Easy for the London-based trader to say after 12 years at the megafirm and untold millions made? Maybe, but here’s a look at what he tossed over his shoulder on his way out. 

And here’s some analysis the Times published simultaneously to put Smith’s salvo in a broader context. —KA

Greg Smith in The New York Times:

How did we get here? The firm changed the 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.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

By Maani, March 15, 2012 at 3:39 pm Link to this comment

wtc7:

Superb idea.  Like the “black deck” used in wartime (to identify the dead) or the one used by Iraqi soldiers to identify HVTs.  I don’t know how busy you are, but you really should begin working on it.  Not only is it a great idea, but you could probably make a few (legitimate, honest, justifiable) bucks doing it.  I would certainly buy one!

Peace.

Report this

By gerard, March 15, 2012 at 11:25 am Link to this comment

Greg Smith took a step in the right direction. That’s
good, especially since he “made” the NYT.
  But as to changing the system ....?  Well, that’s another whole sacred ball of wax that will take more than one guy just saying NO. But it’s a start.
  It would appear that the USA is not so good at systemic change. We prefer to treat symptoms, if at all. That way the bureaucracy can spin the same old narrative decade after decade and nobody’s the wiser, nobody has to actually DO anything. Just talk about it—but not too loud! And blame the other guy, if possible.
  When somebody really tries to change anythimg, the Wall Street Kings can’t get to Washington fast enough to put a stop to it.

Report this

By aacme88, March 15, 2012 at 6:51 am Link to this comment

MeHere
Maybe you haven’t heard that bribing government officials is no longer illegal. It’s the new system. That’s how we can assure that government does what the rich people want done. Clean and efficient.

Report this
mrfreeze's avatar

By mrfreeze, March 14, 2012 at 7:35 pm Link to this comment

My dear friends here on TD - You all know, of course, that Americans “admire” anyone who works on WS, speculates, “financializes,” “creates capital,” takes risks, “creates jobs.” You all know that there are plenty of (supposedly) educated people who read the op-ed piece today and fumed over the fact that someone showed the king with no clothes. I even heard an economist on NPR this morning saying, “heck, waiters call their customers jerks….why is this any different?” Yes, this is why we should trust economists…...anyway…..

And somewhere out there in America tonight, families have little “capitalism nativity” scenes in front of their TV’s as they watch Fox News or American Idol or whatever and pray to the demi gods: “Job Creator” “Quant-Majorus” (not to be confused with labia majorus) “Halliburtus” and “Apple-linneous.” Because in this here country, there is only one religion and it’s god is greed…..and greed is good…........yes….

Report this
oddsox's avatar

By oddsox, March 14, 2012 at 5:27 pm Link to this comment

Time for the US Attorney’s office to file anti-trust action w/the DOJ.

Help SMALL business—break up the Big Banks.

http://open.salon.com/blog/oddsox/2011/10/10/too_big_to_fail_too_big_to_begin_with

Report this
IMax's avatar

By IMax, March 14, 2012 at 4:34 pm Link to this comment

Bravo, Mr. Smith.  And, please, ignore those who find it all-too-easy to suggest you should have committed hari kari while employed at Goldman.

Bravo!

Report this

By Jeff N., March 14, 2012 at 1:46 pm Link to this comment

MeHere, that about sums up the Goldman Sachs hearings on the Abacus deal.

ardee, better late than never my friend. 

Morpheus yes this has all been said before, but not generally on the front page of NYTimes, and most certainly not from a Goldman Sachs executive.. Greed is no longer good!

Report this

By MeHere, March 14, 2012 at 1:04 pm Link to this comment

This former executive says “he doesn’t know of any illegal behavior.”  He may not have known everything that was going on, but the fact is that these companies invest in bribing legislators and government officials who make laws and regulations which turn essentially illegal behavior into legal business operations.

Report this

By ardee, March 14, 2012 at 11:56 am Link to this comment

So, twelve years at Goldman and now he takes a moral position? Excuse me but I find him as phony as the democratic loyalists that infest this site ignoring all the cess within that organization too.

Report this
wtc7WillHauntYouForever's avatar

By wtc7WillHauntYouForever, March 14, 2012 at 11:44 am Link to this comment

F@@K Goldman Sachs and the rich.

Here is an idea who’s time has come.

ONE PERCENTER Trading Cards.  That way we could see who it is that is fucking
us.

You could have a deck for each major city.

Photo of Robber Baron.

How much money they have.

What industry they are in.

How much money they make, per hour, per minute.

How many houses they have and how big they are.

Their favorite restaurants.

What kind of Jet they have and how much it costs.

What their extravagant indulgences are.

How truly uncharitable they are.

What city they live in and in what neighborhood.

Maybe even publish their addresses.

ETC..

This way we can focus on the individuals who are the beneficiaries of this
fucked up system and are the ones who can change it if they choose to.

It is a global class war.  Show everyone who the enemy is.

(you can use the Fortune 400 as a reference)

Report this

By Morpheus, March 14, 2012 at 10:34 am Link to this comment

Is he really saying anything that we don’t already know?

FIGHT THE CAUSE - NOT THE SYMPTOM
Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

Report this
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.