Saturday 24th of August 2019

the muppet show...


Greg Smith, who ran US equity derivatives trading for Goldman, said the atmosphere at the world's most powerful investment bank was "toxic and destructive" and that the company had to be reined in if it isn't going to destabilise the financial system. In his 12 years at the firm, Mr Smith said, he had witnessed a collapse in moral standards.

"It makes me ill how callously people talk about ripping their clients off," Mr Smith wrote, adding that it was common to laughingly call even sophisticated investors "muppets".

a raw nerve inside wall street...


A blistering attack on Goldman Sachs by one of its own bankers has hit a raw nerve inside the Wall Street bank and is likely to stoke bitter memories among some former clients.Greg Smith, a now former executive based in London, took aim at the culture of the investment banking giant, which only two years ago was damaged by another of its own bankers, Fabrice Tourre, who described creating "Frankenstein" products that badly burnt clients.Mr Smith's core claim in his resignation letter, which ran in The New York Times, that Goldman pursues its own profit at the expense of its customers is common among Goldman critics, many of whom blame the bank for being a key player in the 2008 financial crisis.Indeed, would such an attack cause such a stir if the banker happened to be an executive director of Morgan Stanley, JPMorgan or even Merrill Lynch?



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urinating inside the tent...

Inevitably it is a matter of great fascination when a well-placed individual decides to urinate inside his tent, even as he leaves it.

That is what Goldman Sachs executive director Greg Smith did this week as he resigned from the investment bank's London-based derivatives business.

On his way out of the marquee, he sent an explanation for his resignation to The New York Times and hence to the rest of the world.

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took the money then ran...

Guess what, Greg? You didn’t do your homework about the firm where you worked for more than a decade and happily took home one bonus check after another. Goldman Sachs has been in and out of trouble throughout its 143 years — chiefly because it chose to put its own interests before those of its clients. What appeared to be a revelation to Smith was actually available to anyone who looked for it, buried deep within Securities and Exchange Commission and court records. Smith could have saved himself grief if he had only used his Stanford education to examine Goldman’s DNA before crossing its threshold.

miss piggy's millions...

Goldman Sachs has begun scanning internal emails for the term "muppet" and other evidence that employees referred to clients in derogatory ways, chief executive Lloyd Blankfein told partners in a conference call this week, according to people familiar with the call.

The company-wide email review comes after an executive director named Greg Smith resigned last week in a scathing op-ed column in the New York Times in which he said he saw five Goldman managing directors refer to clients as "muppets," at times over internal email.

On the conference call with partners this week, Mr Blankfein said the company was taking Mr Smith's claims seriously and was conducting a review of his assertions, including the email scan, according to these people.

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the vampire squid...

Donald Trump's trade war puts him at odds with Goldman Sachs which is one of the most powerful financial institutions in the world. Goldman Sachs, also known as the "vampire squid" is not only too big to fail, but it's also too big to lose.

At first glance, Donald Trump and Goldman Sachs are unlikely allies, however Trump's entourage is full of former Goldman Sachs employees, known as "Goldmanites."

The "Goldmanites" have few things in common with the former employees of other financial institutions, and that is because the "Goldmanite" community functions more like an influence network or a quasi-secret political club.

However, the gargantuan influence of the Goldman Sachs alumni is an open secret. In 2008 the British newspaper The Independent published a list of influential "Goldmanites" under the title "How Goldman Sachs took over the world."

The go-to resource for American stock investors Investopedia has an entire article, dedicated to Goldman Sachs influence: "26 Goldman Sachs Alumni Who Run the World".


Suffice it to say that a short and woefully incomplete list of "Goldmanites" in positions of power would include Hank Paulson, Treasury secretary under George W. Bush; Mario Draghi, Head of the European Central Bank; Robert Zoellick, ex-president of the World Bank and former deputy to Condoleezza Rice at the State Department; Robert Rubin, US Treasury secretary under Bill Clinton; Joshua Bolten, campaign aide and chief of staff under George W. Bush; William Dudley, president of the New York Fed and vice-chair of the Federal Open Market Committee (FOMC).


The US is not a republic anymore and it doesn't have a functional democracy. Right now the US political and economic system looks like a rigged casino, where the odds are always stacked against the average Joe. Sadly it looks like the "vampire squid" is running the casino, and I bet you've all heard the old Las Vegas adage, "The house always wins."


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With Mario Draghi as Head of the European Central Bank, no wonder the Yourpeans can't get of the teats of Yankeemummy... Idiots.