Chillin' out till it needs to be funded
Goldman Sachs lost $ 2 bln in market Cap yesterday when disgruntled employee Greg Smith posted in his op-ed. The saga of his lost faith, evoked a lot of sympathy among old Goldman Sachs people including Barry Ritholtz ( confirmed people’s worst suspicions..) even those agreeing that “it is the same including the Choirboys at Morgan Stanley or the Philharmonic at Deutsche Bank” and “Goldman Sachs is not losing any customers for this.”
Muppets take Manhattan
The blogs and the Twitterers caught on to the rip off culture and lack of fiduciary obligations on the sell side ( Barry is speaking the material as I write on Bloomberg) selling complex, opaque derivatives products and even Comedy central got a take off on the Muppets which customers are fondly called on the inside, in a do or die culture driven by bonus performance and selling leverage to clients, sometimes to their detriment where the Wall Street’s best got caught with the label of Vampire Squid sticking and paid millions in fines even as Trading went south in 2011.
Wall Street Journal’s counter op-ed today on the other hand compares the muppet tag to what Steve Jobs thought about his customers in a bid to defend Capitalism, and to put at rest the bogies set up by incessant cliches used in Greg’s adieu to Wall Street and even invokes Rowling’s famous ghoulish villain of the Harry Potter series only to close with areference to Steven Slater from JetBlue as he slid down from a rescue raft slide on his plane to complain and quit.
Saturday Night Live is only a day way and then we’ll be rid of Greg Smith’s impact ont he Street and return to the cacophony of profits in Bond Trading as simple wins return to brighten everyone’s lives.