Wednesday, March 14, 2012

Goldman-Sach's Needs A Warning Label

Greg Smith, former  director of Goldman-Sachs wrote an open resignation letter   Which unfortunately, isn't much of a surprise. Included in this letter was the naming of Goldman-Sachs clients as "muppets", as if they were lovable, happy-go-lucky, puppets. But it's not easy being green. The environment at GS is "toxic and destructive" as the "interests of the clients continue to be sidelined". According to Mr. Smith GS has lost it's "secret sauce". Mr. Smith also wrote that his colleagues were overtly talking about "ripping their clients off". Suddenly, Mr. Smith has a crisis of conscience and wants to come clean about GS's treatment of it's clients?
   I wonder how much money Greg Smith has made from ripping off  his clients?                                      
 Why suddenly feel guilty now? Goldman-Sach's was bailed out in  2008 to 2009 to the tune of $782 billion. Guess that was okay. Hank Paulson  was "head of the fed" then. (Also a former employee of GS). Mark Patterson is Chief of Staff for Timothy Geithner, another former employee of GS. President Obama in 2006 raised the most money for his campaign from Goldman-Sachs. I guess the Federal Reserve could be an episode of Sesame Street. Why can't they get "The Count" to help? Basically what I've learned from Mr. Smith's letter is, financial institutions exist to rip their clients off. (Like that's new?) That he was also doing the same thing. Not only that but, their are no consequences for stealing from their clients. Mr. Smith's confession proves to me that there is no honor among thieves.


1 comment:

  1. They are just one more example of how toxic our times really are.