Greg Smith, the former Goldman Sachs executive director, has said that he has fallen out of love with the Goldman Sachs’ culture – which has “disappeared” – and that Goldmans no longer put their clients’ interests first.
Greg – come on, give me a break! Tell me something we don’t already know!
Speaking as the trader who claimed “Goldman Sachs Rules The World”, I find myself strangely disappointed in Greg Smith.
Goldman Sachs – The Vampire Squid
Anybody who has any remote knowledge of Goldman Sachs knows that the people who work there are a bunch of crooks. Max Keiser could not have said it best when he said that Goldmans’ traders should be charged with financial terrorism charges.
The facts about Goldman Sachs being behind every major crash in history and how they literally conned people out of their money has already been documented by Matt Taibbi in his excellent article “The Great American Bubble Machine”.
In his article, Taibbi refers to Goldman Sachs as the “great vampire squid wrapped around the face of humanity” and how they have been manipulating the markets from the Great Depression of the 1930s, to the Technology Crash of 2000 and ultimately the housing crash of the last decade.
To add more fuel to the fire, in 2010 Goldman Sachs got a lot of heat when they were accused of trading against their own clients.
It is obvious that the recent media attention to Greg Smith’s remarks is that it comes from someone from a high level in Goldman Sachs. Otherwise, his remarks about their “money making culture” cannot possibly be new.
Why I am Disappointed in Greg Smith
Personally I am slightly disappointed in Smith. Not for his candour and being outspoken on his opinion. But rather for the fact that such remarks, no matter how truthful – are directed at his former employers.
I may be considered old fashioned for saying this, but I still believe in loyalty and faithfulness to one’s employers – no matter what kind of ugly human beings they may be. I have carried this sense of loyalty, perhaps through teachings of my own father.
In today’s blame-game and compensation culture, the virtue of loyalty and discretion towards our employers or former employers is often forgotten. Instead, people would rather prefer we trash our employers for the sake of selling a good story – even if those stories are true.
I know I am in a minority here.
But just consider the actions that Scott McClellan, the former Press Secretary to George W. Bush, took when he published his book “What Happened” – detailing the dirt on what happened during his term in office at the White House. The level of disgust by people and politicians alike against McClellan’s actions were, in my view, justified.
Everybody already knew how shady Goldman Sachs is. Greg Smith is not really adding anything here, is he? Perhaps I am missing something.
OK, so what lesson is anyone going to learn from Greg Smith’s “revelation here”? Don’t invest with Goldman Sachs because they don’t “care” about you?
If you want to know the full facts about the sneaky tricks brokers and City traders use on you to separate you from your cash and how to be better prepared, feel free to join me in a free webinar on Thursday 22nd March. Click Here for details.
Also feel free to let me know your own views by leaving me your comment below, even if you disagree with me.