Letter to NYT from Goldman Sachs exec explaining resignation

[maryjk_99]

_http://news.yahoo.com/goldman-sachs-exec-publishes-scathing-resignation-letter-york-075726281.html


[snip]

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.

 

[SeekinTruth]

Well, when was leadership about ideas, setting an example and doing the right thing at Goldman Sachs? Probably never, not since the firm was formed from what I know of their history.

 

[Biomiast]

Either this man can not see the pathology in front of him unless it is painfully obvious, or he is a clever psychopath, leaving the sinking ship and put up an interesting show while doing it. From what I have gathered, he created some noise around various circles, especially the clients of Goldman Sachs who are not happy to be called "Muppets" :)

Whatever his motivation may be, I found the letter interesting because this may cause Goldman Sachs to lose its clients and further show the pyschopathy evident in financial market to the masses. Author is already trending in twitter.

 

[Vulcan59]

FWIW, an article here by Matt Taibbi on the resignation. :)

 

[Guardian]

_http://news.yahoo.com/goldman-sachs-exec-publishes-scathing-resignation-letter-york-075726281.html
"My proudest moments in life — getting a full scholarship to go from South Africa to Stanford University, being selected as a Rhodes Scholar national finalist, winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics "

 

[EmeraldHope]

Either this man can not see the pathology in front of him unless it is painfully obvious, or he is a clever psychopath, leaving the sinking ship and put up an interesting show while doing it. From what I have gathered, he created some noise around various circles, especially the clients of Goldman Sachs who are not happy to be called "Muppets" :)

Whatever his motivation may be, I found the letter interesting because this may cause Goldman Sachs to lose its clients and further show the pyschopathy evident in financial market to the masses. Author is already trending in twitter.

Calling them muppets is ironically an objective fact. It is a name used daily in poker, and is where a lot of the studied players monies come from.


muppet A player who is unskilled or unversed on the rules of poker.
-http://www.pokerthrottle.com/GeneralPoker/PokerTerms.aspx


The truth does have a tendency to hurt though.

 

[seek10]

_http://news.yahoo.com/goldman-sachs-exec-publishes-scathing-resignation-letter-york-075726281.html


[snip]

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.

This is BIG Joke. This guy is meekly looking for some political Mileage out of his resignation( what ever may be the reason). Goldman Sach's is a company that hires people on very strange examination, some suspect is pathological testing. Probably he wants to enter politics or some other cheap stunt.