Quoted: on Goldman Sachs op-ed

“What’s the next ‘shocking’ headline: ‘Prostitution in Vegas!?”

Whitney Tilson, founder of hedge fund T2 Partners, reacts to the op-ed/resignation letter in the New York Times written by Greg Smith, who resigned Wednesday from his job as a Goldman Sachs executive, saying he could no longer stay on in good conscience because of the investment bank’s ruthless focus on the bottom line. “It makes me ill how callously people talk about ripping their clients off,” he wrote, adding that some Goldman directors refer to their clients as “muppets.” Smith’s op-ed isn’t the only public “why I quit” explanation this week (see Ex talk: Former Yahoo on Facebook patent suit; going negative on Google+), but it and the subsequent sell-off of Goldman shares wiped out more than $2 billion in the company’s market value yesterday, according to Bloomberg. Goldman shares, which fell more than 3 percent yesterday, are up 1.75 percent to $122.48 as of this post. In a memo to employees yesterday, Goldman CEO Lloyd Blankfein and COO Gary Cohn responded: “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.” The whole episode has inspired a satirical resignation letter from Darth Vader (“Today is my last day at the Empire.”), an imagined response from Blankfein and more.

 

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  • See the scam with this Goldman-Sachs/Greg Smith story? No?

    OK – here it is: The NYT does not let me write op-eds. Neither does the NYT let VIP’s write op-eds unless it’s good for their business. So why would they let Greg write an op-ed crucifying Goldman? Hmmm – think about it.

  • Bryan

    Reared on the fantasy of their own eternal entitlement, systematically deprived of education, sated on corn syrup and beer, and propagandized 24/7, Americans are now arguably the most passive population of human beings the world has ever seen.

    Are you incapable of anger, or merely of action? What part of “hang a few admirals” do y’all fail to understand?

  • Markus Unread

    Goldman Sachs is exactly what is wrong with Wall Street – Too big to be prosecuted. How many recent GS executives are now government regulators and policy puppets? “Italy’s new leader, Mario Monti, is an ex-Goldman Sachs executive. Who knows more about debt problems than anyone else? The people who cause them, of course.” – CS Monitor.

    They should just put an offer on the White House, like other corporations do for sports venues.

 
 
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