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Wednesday, March 14, 2012

Goldman Sachs And The Muppets

I normally scan the headlines just before the first post of the day to see if there is anything moving the market, and this morning I saw one that, while not moving the market, is good for a few laughs. One Greg Smith, a now former employee of Goldman Sachs, tended his resignation latter in the form of a New York Times op-ed (here is the summary on Yahoo). In it he describes other Goldman employes referring to clients as "muppets":

"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as "muppets","

And the comedy? Why, Goldman's response, of course:

"We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves."


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