Goldman Sachs exec quits over firm's 'toxic' culture

Superfreak said:
The mindset at Goldman and JP Morgan etc... has been that way for at LEAST a decade. Ever since Glass Steagall was repealed and derivatives were excluded from oversight (for the most part). It just seems that it took ten years for this person to grow a conscious and care. Just long enough to make a fortune and leave... THEN showing contempt and disgust for what took place.
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I'm not exactly impressed with his coming to religion either but better late than never.
 
Superfreak said:
The mindset at Goldman and JP Morgan etc... has been that way for at LEAST a decade. Ever since Glass Steagall was repealed and derivatives were excluded from oversight (for the most part). It just seems that it took ten years for this person to grow a conscious and care. Just long enough to make a fortune and leave... THEN showing contempt and disgust for what took place.
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There is an unbelievable level of cynicism here, to be expected from Toppy as he has a jaundiced cynical view about virtually everything but you as well. So what is his crime exactly? How many other GS insiders have come out and denounced the moral bankruptcy as the heart of these so called investment banks?
 
Tom
are you really that gullable?
You think it took this guy 12 years to figure GS was slime?
Or did he assure his family was financially secure first (which I would have done too).
 
Aoxomoxoa said:
There is an unbelievable level of cynicism here, to be expected from Toppy as he has a jaundiced cynical view about virtually everything but you as well. So what is his crime exactly? How many other GS insiders have come out and denounced the moral bankruptcy as the heart of these so called investment banks?
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What is his crime? Nothing. He did nothing illegal, nor did Goldman. What they ALL did was however unethical. The point I am making (as is Toppy) is that we find it rather amusing that this person suddenly is so offended by the practices of Goldman that this person is now expressing that after TEN years of living it. It means we are stating the obvious. This person made a LOT of money off of the very practices now being condemned by said person. We wonder how much of that money from unethical practices said person will return to clients. Our guess is.... NONE.
 
Yes he will now work for anti big bank organizations, write a book, or make a movie further pimping the screwed clients.
 
The Dude said:
Tom
are you really that gullable?
You think it took this guy 12 years to figure GS was slime?
Or did he assure his family was financially secure first (which I would have done too).
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Why the fuck are you so concerned about this guy's motives anyway? He must know that he will never get another job on Wall Street so I can't blame him for not immediately going public with his concerns. This is the typical shoot the messenger culture that is so rife in the US.
 
Superfreak said:
What is his crime? Nothing. He did nothing illegal, nor did Goldman. What they ALL did was however unethical. The point I am making (as is Toppy) is that we find it rather amusing that this person suddenly is so offended by the practices of Goldman that this person is now expressing that after TEN years of living it. It means we are stating the obvious. This person made a LOT of money off of the very practices now being condemned by said person. We wonder how much of that money from unethical practices said person will return to clients. Our guess is.... NONE.
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How do you know that he made any unethically? He says not but you immediately assume he must be a liar.
 
Aoxomoxoa said:
How do you know that he made any unethically? He says not but you immediately assume he must be a liar.
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Yes, I immediately assume anyone who spent ten years working at Goldman and talking about ethics is a liar. It is a fairly safe assumption to make. If he was handling 'trillions' in assets as he claimed, it is quite laughable to think he ran all of that money for Goldman without pushing the same types of derivatives as the rest of the firm. Could I be wrong? Sure, however the probability of such is quite low in this case.
 
Superfreak said:
Yes, I immediately assume anyone who spent ten years working at Goldman and talking about ethics is a liar. It is a fairly safe assumption to make. If he was handling 'trillions' in assets as he claimed, it is quite laughable to think he ran all of that money for Goldman without pushing the same types of derivatives as the rest of the firm. Could I be wrong? Sure, however the probability of such is quite low in this case.
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So if he gave back all of the "tainted monies" extracted from clients then you would be happy, I frankly couldn't give a fuck. What is important is that this might finally force some change at GS. If it resulted in the ousting of Blankfein et all then it's a good day's work. You say that GS has done nothing illegal well I say that's bollocks. They knowingly sold their clients worthless investments and cooked the books for Greece to get into the Euro, if those acts are not illegal then I don't know what is.
 
He did the right thing. All we are saying is save your knigthood, 10 to 1 this cat is at least a millionaire. It would take someone to dumb to hold that position to not know and participate after 2 years.
 
The Dude said:
He did the right thing. All we are saying is save your knigthood, 10 to 1 this cat is at least a millionaire. It would take someone to dumb to hold that position to not know and participate after 2 years.
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I am sure that he is a millionaire, so what? I only care if he is right or not and I'm not seeing anyone deny his claims.
 
Deny his claims, we are calling him capt obvious!
You are not getting where I'm coming from, I think most are like GS guys not just a few.
 
The Dude said:
It's like telling a chick with big boobs she has big boobs, everybody knows.
Churn n Burn is an old term.
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