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From: axial3/14/2012 6:32:48 AM
5 Recommendations   of 56633
 
Why I Am Leaving Goldman Sachs

'TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

[...]

How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.

What are three quick ways to become a leader?

a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit.
b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them.
c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.


[...]

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,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.

These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen. '

nytimes.com

Jim

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To: axial who wrote (44756)3/14/2012 8:45:58 AM
From: Jeff Jordan
1 Recommendation   of 56633
 
...it's called selling your soul, most just sell it piece by piece....at Goldman you can take the fast track...it's easy<g>


LOL.....it's all about shekels in the New Zion how you steal them from the Goyim doesn't matter?...it's not about humanity or doing what is right in their gods eyes...it's lucifer, they are deluded in thinking because they are winning this battle on the ground they can also win the next battle in space this time, seriously<g>

youtube.com


...of course the Beatles are better...imitators are always second best, even in the heavens<g>
youtube.com

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To: Jeff Jordan who wrote (44757)3/14/2012 9:16:41 AM
From: axial
   of 56633
 
Impossible to be too cynical about GS in particular, the financial sector in general. Not just in the US. Globally.

"Doing God's work."

Yeah. Right.

Jim


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To: elmatador who wrote (44748)3/14/2012 2:32:30 PM
From: benwood
2 Recommendations   of 56633
 
"There was a fear of going the Japan way, then."

I don't think there was ever any fear. There was an opportunity to loot, and they took it. Japan is the cover story, along with many others. They aren't finished yet, that is certain.

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To: benwood who wrote (44759)3/14/2012 3:00:36 PM
From: I_C_Deadpeople
1 Recommendation   of 56633
 
I don't think there was ever any fear. There was an opportunity to loot, and they took it.


Well said.

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To: Jeff Jordan who wrote (44757)3/14/2012 3:24:52 PM
From: ggersh
3 Recommendations   of 56633
 
news.yahoo.com

Cameras at U.K. gas stations will block uninsured drivers from refueling
The British government decided to make use of the CCTV cameras after hearing a presentation from accounting firm Ernst & Young, which will help implement the new system. And while the proposal comes from the private sector but will be used by the government, it's hard to not immediately think of British author George Orwell's seminal novel "1984."

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To: ggersh who wrote (44761)3/15/2012 2:01:07 PM
From: Giordano Bruno
   of 56633
 
Is this the case UFO skeptics have been dreading?

youtube.com

http://www.huffingtonpost.com/leslie-kean/the-extraordinary-ufo-sig_b_1342585.html

http://www.businessinsider.com/this-newest-ufo-video-out-of-chile-is-creating-a-buzz-2012-3

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To: Giordano Bruno who wrote (44762)3/15/2012 3:14:05 PM
From: ggersh
   of 56633
 
Cool, friendlies?

youtube.com

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To: ggersh who wrote (44763)3/15/2012 3:20:21 PM
From: Giordano Bruno
   of 56633
 
Could be scouts.
We just don't know.

:-)

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To: Giordano Bruno who wrote (44764)3/15/2012 3:26:19 PM
From: ggersh
1 Recommendation   of 56633
 
Just take our leaders...we can start over no problem! =)

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