Socially Responsible Goldman (NOT)
This article was originally posted on the This Week in SRI Blog 3/14/2012 12:15 AM EST
An article in today's New York Times written by a soon to be former employee of Goldman Sachs starts with the admission that.."after almost 12 years at the firm..the trajectory of (the firm) is as toxic and destructive as I have ever seen it."
The author goes on to state what many have long known, that "the interests of the client continue to be sidelined in the way the firm operates and thinks about making money."
This is news?
The writer blames Goldman's "current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn" for a "decline in the firm's moral fiber.."
What moral fiber is he referring to? The fiber evident in multiple lawsuits and "S.E.C. investigations, Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids?" Read Money and Power: How Goldman Sachs Came to Rule the World if you really want to know. http://www.amazon.com/Money-Power-Goldman-Sachs-World/dp/0767928261
The author then goes on to brag that "Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia."
Those clients should contact a lawyer right away and immediately review every transaction conducted with Goldman, since the article confirms that clients pay, unfairly, fraudulently, for the privilege of transacting business with the firm.
He is astounded that Goldman's senior management does not understand "a basic truth: If clients don't trust you they will eventually stop doing business with you." One can only hope.
To show that he is still concerned about the firm, the author expresses his "hope this can be a wake-up call to the board of directors."
My hope is that this will be a wake up call to State and Federal Judges, regulators and clients.
Position: No positions
William Michael Cunningham
- B.A. (Economics) , MBA (Finance), A.M. (Industrial Organization)
- Phone : +202-455-0430
- Email : email@example.com