The Apocalypse at Goldman Sachs

15 03 2012

Why are we not surprised?

It’s hard to keep up with the disclosures these days. According to Goldman Sachs departing Executive director Greg Smith Goldman Sachs has become a “toxic and destructive” firm focused on milking clients for everything it can.His resignation letter was not simply handed quietly to the Goldman Sachs board but emblazoned in the New York Times. Why are we not surprised?

Goldman Screw Chart from Zero Hedge

According to Wikipedia the word Apocalypse is (Greek: ἀποκάλυψις apokálypsis; “lifting of the veil” or “revelation”) is a disclosure of something hidden from the majority of mankind in an era dominated by falsehood and misconception.

No . . .surely not! Does this mean? Oh My God . . it must. The Apocalypse has come to Goldman Sachs. Gee how did that happen?

Executive director Greg Smith said the Wall Street giant, which paid huge penalties for double-dealing with investors in mortgage securities during the financial crisis, had dumped its old culture of helping its customers . . .

The Sydney Morning Herald reports: Today, instead, customers are called “muppets” and staff talk about “ripping their clients off”, Smith wrote in an opinion piece. “I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

“To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money,” he said.

And he named chief executive Lloyd Blankfein, and president Gary Cohn as responsible for the change. They “lost hold of the firm’s culture on their watch

Don’t miss Gerald Celente in the video below giving his assessment of Goldman Sachs’ ripp-off culture. He’s been saying it for a long while.

A Sydney Morning Herald on-line poll asking readers if they think that Smith did the right thing in denouncing the firm responded with an overwhelming 86% in the affirmative. Only 4% of respondents thought he shouldn’t have. Possibly they are all employees of Goldman Sach’s PR company. In any case as far as the whole sad saga goes . . .Why are we not surprised?

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