Goldman Sachs director resigns in disgust

Discussion in 'Politics, Religion, Social Issues' started by jnpy!$4g3cwk, Apr 17, 2013.

  1. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

    Joined:
    Feb 11, 2010
    #1
    This editorial attracted a lot of attention, although I don't recall seeing it here in PRSI:

    Op-Ed Contributor
    Why I Am Leaving Goldman Sachs
    By GREG SMITH
    Published: March 14, 2012

    http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=all&_r=0

    Many of the comments to the article are pretty interesting also. As people have shared their experiences, they tend to reinforce the view that the entire financial services industry is very, very sick.

    It has made me curious also. Are there (presumably smaller) firms still out there that tell the truth to their customers, actually care about their customers, and welcome small-time investors as actual customers and not just suckers? And if I found such a firm, how would I know? (Bernie Madoff apparently seemed like the real deal to a lot of people.)
     
  2. zin macrumors 6502

    Joined:
    May 5, 2010
    Location:
    United Kingdom
    #2
    Ugh. Every time I read that name, Goldman Sachs, I feel like retching. Frankly I'm not surprised he resigned.

    Financial services in this modern age is a fraudulent system. It is based on fractional reserve banking which is a system that could collapse everything at any moment in time (no, really).

    As long it continues to exist, every firm engaging in it is fraudulent. There may be ones with better customer service than others, but they're all part of the same cesspit.

    Not to mention in practically every market, the financial sector is controlled by a handful of big corporations, making it even more difficult to find smaller firms that may treat customers better.
     
  3. samiwas macrumors 65816

    Joined:
    Aug 26, 2006
    Location:
    Atlanta, GA
    #3
    This is a very eye-opening article. And I agree...it shows you just how sick the industry is. Problem is, a lot of people support that. In many minds, making as much money as possible, by whatever means necessary, is the only desired outcome. Making a little less money while maintaining integrity is almost a joke. "Business is not a charity!" is a common mantra. "The market will figure it out."

    We live in a world where we celebrate billions upon billions in profits, no matter the results.

    If anyone still has to ask why the rich get a bad name and are "vilified", this article might help explain some of it.
     
  4. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
  5. CalWizrd Suspended

    CalWizrd

    Joined:
    Jun 21, 2011
    Location:
    NYC/Raleigh, NC
    #5
    Not only that, but it was discussed pretty heavily by a lot of people on CNBC at the time, and the concensus was that there was a lot of "sour grape flavoring" involved.
     
  6. Andeavor macrumors 6502

    Joined:
    Aug 19, 2010
    #6
    Investment banking has never been a truthful vocation. I have family and friends who have and still work in banking and you can pick them out of the crowd; they smell of money and will always keep following the golden trail. You have to be mentally quick and ruthless and support a political system that allows for you to help manipulate the free market. Some can be nice and insightful when isolated from their work involvement, but you quickly loose them once they find an equal and then it's all about money, investment and where you've been or whom you've worked for.
     
  7. jnpy!$4g3cwk thread starter macrumors 65816

    jnpy!$4g3cwk

    Joined:
    Feb 11, 2010
    #7
    You are correct. Late night, it was referenced by another article, and I forgot what I was doing. Funny thing is, in the light of day -- it could have been written yesterday.
     

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