Greg Smith resignation letter from Goldman Sachs

Discussion in 'Politics' started by boilermaker55, Mar 14, 2012.

  1. boilermaker55
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    boilermaker55 VIP Member

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    "...
    Gasparino said the bombshells that Smith dropped in his resignation letter about Goldman's indifference to their clients' financial well being is nothing new. He cited a previous interaction with BlackRock CEO Larry Fink, who told him that he did not trust Goldman Sachs because they ripped off their clients."
    Now the Goldman boys are trying to do damange control. Surprise they are calling him a disgruntled employee.
    Now with then think back to Kenneth Lay and all of the other situation concernin high profile banking.



    GASPARINO: Goldman Sachs Is Investigating The Claims Greg Smith Made In His Resignation Letter
     
  2. FireFly
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    FireFly Bright F**ker

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    Investors & clients are "Muppets"
     
  3. occupied
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    occupied Gold Member

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    The vampire squid needs to be sentenced to the corporate death penalty.
     
  4. g5000
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    g5000 Diamond Member

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    About that "muppets" thing. Greg works for Goldman Sachs in the UK.

    "Muppets" is British slang for a stupid person. They are not talking about the American TV puppets.

    I don't know what more it is going to take to wake people up to realizing their pockets are being robbed.

    The clients who are being ripped off that Greg is talking about are you. Your pension fund manager, your city treasurer, your bank.

    It is your money they are stealing.

    You think because you are getting a "return on investment" that you are not being ripped off?

    You are the goose that lays the golden eggs. They feed you just enough scratch to keep you alive and dependent on them. And the scratch they feed you is carcinogenic. It is toxic waste they are sloughing on you because they fucked up somewhere and need to unload it. Your idiot money manager is just the rube to go for it.

    Bah! I could go on for days about this shit. But it is bad for my health.
     
    Last edited: Mar 14, 2012
  5. KissMy
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    KissMy Free Breast Exam

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    I keep trying to tell people this is why their utilities, local, city, state & property taxes are going through the roof. It is a major reason for the string of cities who are teetering on the edge of bankruptcy. It is likely that your city manager invested all the money they had set aside to pay for that $billion sewer treatment system into MBS & CDO. Poof they lost it all & now your sewer bill just doubled. The bankers are taxing you to death & blaming it on the government. Of course somehow I think that paid off government officials are complicit in letting these schemes happen to us.

    Birmingham, Alabama’s Bankruptcy: the Fraud That Will Not Go Away

     
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    Last edited: Mar 14, 2012
  6. g5000
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    Goldman's share value drops $2.2 billion over Op-Ed.

     
  7. KissMy
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    The new term is now "Muppet-Gate", attack of the "Vampire Squid".
     
  8. boilermaker55
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    boilermaker55 VIP Member

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    In 1933, in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass-Steagall Act (GSA). This act separated investment and commercial banking activities. At the time, "improper banking activity", or what was considered overzealous commercial bank involvement in stock market investment, was deemed the main culprit of the financial crash. According to that reasoning, commercial banks took on too much risk with depositors' money. Additional and sometimes non-related explanations for the Great Depression evolved over the years, and many questioned whether the GSA hindered the establishment of financial services firms that can equally compete against each other. We will take a look at why the GSA was established and what led to its final repeal in 1999.

    Now with the advent of repealing this act.... the Glass-Steagall Act were repealed through the Gramm-Leach-Bliley Act in 1999.
    Look where the greed of the bankers and wall street have taken us.
    But 10 years later, the end of Glass-Steagall has been blamed by some for many of the problems that led to last fall’s financial crisis. While the majority of problems that occurred centered mostly on the pure-play investment banks like Lehman Brothers, the huge banks born out of the revocation of Glass-Steagall, especially Citigroup, and the insurance companies that were allowed to deal in securities, like the American International Group, would not have run into trouble had the law still been in place.
     
  9. boilermaker55
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    boilermaker55 VIP Member

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    Question: What’s the cost to a company of one disgruntled former employee?

    Answer: About $2 billion if it’s Goldman Sachs.

    That’s how much of the bank’s market value was wiped out after one of its directors, Greg Smith, resigned from the company and penned an op-ed piece in The New York Times attacking the firm’s culture and treatment of clients.

    The bank’s shares fell 3.3 percent in trading Wednesday as London-based Smith’s article set Wall Street and the media ablaze with discussion about the behavior of big banks bailed out by taxpayers after the financial crisis. The share price decline meant Goldman lost some $2 billion in market value. Its market capitalization is currently just short of $65 billion.
     
  10. FireFly
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    Right you are!

    Former City Treasurer federaly indicted for accepting kickbacks in return for approving more than $200 million in pension fund investments.
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