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Goldman Sachs: “Clients are ‘Muppets’”

By Shlomo Maital



 Goldman, Sachs client?

 An Op-Ed piece by former Goldman Sachs senior manager Greg Smith * has drawn enormous attention.  If you thought Wall St. had mended its ways, after nearly destroying global financial markets and after the Occupy Wall St. movement – think again.  Little has changed, according to Greg, who quit the company.  Here are a few juicy excerpts:

*  “..the environment [at Goldman Sachs] is as toxic and destructive as I have ever seen it…

*   “Culture was what made the place great for 143 years. It wasn’t just about making money. But…today I attend derivatives sales meetings where not one minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off them.”

* “Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets”. Integrity? It is eroding.” 

*  “Goldman Sachs today has become too much about shortcuts and not enough about achievement.   People who care only about making money will not sustain this firm – or the trust of its clients – for very much longer.”   

     Actually,  I wish that Goldman Sachs clients WERE indeed Muppets.  The leading Muppet, Kermit the Frog, has down-to-earth realism that would protect him from the robber barons of Goldman.  For instance, in talking about his relationship with Miss Piggy (Goldman Sachs?) Kermit says,  “Miss Piggy and I have a professional acting relationship. I act like a professional, and she acts like we’re having a relationship.  Miss Piggy really hasn’t mellowed much. Piggy is a prima donna. And her reputation proceeds her, I’m afraid, just like her snout.”  

   Get real, Goldman Sachs.  Like Greg and Kermit say:  We’re on to you!

  • Greg Smith, Why I am quitting Goldman Sachs,  NYT March 14, 2012 

Blog entries written by Prof. Shlomo Maital

Shlomo Maital
March 2012