Why I Am Leaving Goldman Sachs

[shah269 0]

That's different.
http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=1&utm_campaign&utm_medium=Article Text Link&_r=4&utm_content=Forbes

Shame he didn't stay and change the place for the better......

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[airdvr 210]

Copy and paste. I don't want to register.

Please don't dent the planet.

Destinations by Roxanne

[kelpdiver 2]

Quote

Shame he didn't stay and change the place for the better......

He was there for 12 years. So perhaps he tried and failed.

But my feeling is that something turned sour for him (say annual bonus or a promotion event) and he decided to do some bridge burning on his way out of town.

[shah269 0]

Quote

Copy and paste. I don't want to register.

Strage you can find the link via Forbs
http://www.forbes.com/sites/susanadams/2012/03/15/did-greg-smith-commit-career-suicide/

Takes balls to do what he did. He must have been making great money at his job and had a great life.

But if he was witnessing premeditated greed and he could do nothing about it? I don't know? I don’t know if I would have just keep my mouth shut and enjoyed living the high life or done what he did?

It's a very rough call. But every now and again when I'm in NYC's financial district I get this distinct impression that I'm walking among mafia types who deiced to go "legit".

Not saying that they are all horrible people, I’m sure a good majority of them are hard working and well educated talented people but every now and again you just get this funny sinking feeling as if the economy is being run by a group of guys who hold you hostage by your finances and bleed you only half dry?


Maybe this guys piece in the paper reflects that?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[lawrocket 3]

Quote

Takes balls to do what he did.

I'll lay you 5:1 odds he'll be opening his own business soon. Have you ever seen a better advertisement for a new business with him as the leader? "I left that place because they don't care about you. I do."

Fucking genius!

My wife is hotter than your wife.

[weekender 0]

Quote

Quote

Shame he didn't stay and change the place for the better......

He was there for 12 years. So perhaps he tried and failed.

But my feeling is that something turned sour for him (say annual bonus or a promotion event) and he decided to do some bridge burning on his way out of town.

Exactly. GSCO is no different today than the day he started. He was a production employee who was measured soley on one metric, revenues generated. he could NOT have been there 12yrs and not noticed what was going on around him.

after all, this guy was in a very competitive job. one where he was expected to generate revenues constantly. he had seen many people underperform and get forced out in 12yrs. yet he stayed and collectice bonus after bonus. now, its very possible, it was his turn and he got forced out. he felt betrayed by a place he dedicated his youth too. live by the sword, die by the sword. this is the profession he chose.

its all mute though. everyone knows banks sole purpose is to generate revenues. they aren't charities. They believe, as does GSCO, that they acheive this by doing right by there customers. Its a competitive business and you dont get customers by not focusing on them. GSCO has always had a reputation for not being as focused on customer service as others. reason being they felt you needed their product and people would tolerate it. this is not news to anyone who works in the biz.

"The point is, I'm weird, but I never felt weird."
John Frusciante

[ShcShc11 0]

Quote

Quote

Shame he didn't stay and change the place for the better......

He was there for 12 years. So perhaps he tried and failed.

But my feeling is that something turned sour for him (say annual bonus or a promotion event) and he decided to do some bridge burning on his way out of town.

Probably not.
Every Investment bankers at one of their life will have a "I have no life" epiphany. Some will stay in spite of it because of the glamour- many just leave.

If it was just an annual bonus or promotion with Goldman Sachs, he would leave GS and go for another Investment Bank. By writing that OP letter, he effectively barred himself from the WHOLE Investment Banking sector.

He knew he was leaving that sector for good else he wouldn't have published it. There's probably a hidden agenda for writing it.

Cheers.
Shc.

[beowulf 1]

Quote

Shame he didn't stay and change the place for the better......

One person would have little or no chance of changing a company like that unless they are at the very top.

[shah269 0]

Quote

Quote

Shame he didn't stay and change the place for the better......

One person would have little or no chance of changing a company like that unless they are at the very top.

Sigh I know.....

I've tried it myself. And you know what I have had some success in doing it.

I work for the fed govt and as any one will tell you working with us on any contract sucks! But when I was offered a position to bring about change to make working with the US govt better I jumped at the chance. And now the organization I helped develop is a one of a kind organization where govt folks and contractors can communicate and work towards reducing tax payer cost, over head, delays and still meet customer needs.

I don't know. I don't know if I were in his shoes, in this economy would have left my job or kept on doing what was keeping me and my family feed?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[shah269 0]

http://www.forbes.com/sites/stevedenning/2012/03/16/has-goldman-sachs-become-the-dumbest-firm-in-the-world/
Very good read.

It would be nice to talk about this in a civilized way?
Can we do that?

Case in point;

Quote

Jack Welch said, “the dumbest idea in the world,”

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[kelpdiver 2]

Quote

I work for the fed govt and as any one will tell you working with us on any contract sucks! But when I was offered a position to bring about change to make working with the US govt better I jumped at the chance. And now the organization I helped develop is a one of a kind organization where govt folks and contractors can communicate and work towards reducing tax payer cost, over head, delays and still meet customer needs.

free of fat chicks, too?

[billvon 3,119]

>! But when I was offered a position to bring about change to make working with the US
>govt better I jumped at the chance. And now the organization I helped develop is a
>one of a kind organization where govt folks and contractors can communicate and
>work towards reducing tax payer cost, over head, delays and still meet customer
>needs.

Keep talking like that and you'll be running for political office soon.

[weekender 0]

Quote

http://www.forbes.com/sites/stevedenning/2012/03/16/has-goldman-sachs-become-the-dumbest-firm-in-the-world/
Very good read.

It would be nice to talk about this in a civilized way?
Can we do that?

Case in point;

Quote

Jack Welch said, “the dumbest idea in the world,”

i disagree with the attitude that seeking profits is bad for business. that is why firms exist. i do agree that GSCO has changed since it went public for the worse. Before they went public they were much more concerned with risk because they had skin in the game. They got wealthy still but nothing like when it went public. the money that was thrown around was so much that it can cloud your judgement. in the past you worked to make partner for a big payout. since it went public you worked for that year end bonus. your personal revenues were all you focused on. you could have two good years and never work again. that was not the case when it was a partnership. you cared about how the firm did as well as your personal bonus.

My 2cents.

"The point is, I'm weird, but I never felt weird."
John Frusciante

[shah269 0]

Quote

free of fat chicks, too?

Nope we are the Fed Gov.
It's like the world's worst DZ.
52 out of shape dicks and 2 chicks...who's combined weight is about 400lbs!

Hey it wasn't my first choice of jobs when I came back to the US in 2002.
And I've been "stuck" here ever since. Looking forward to the economy heating up and working where the office doesn't smell of micro waved curry and when a woman is walking down the hall I have to back track because there is no way I'm getting past her thighs!

I work in a gay man's dream. Lots of guys and fat chicks who like to have cute things on their desks! But that's engineering for you.

However yeah when I was offered the opportunity to change things for the better I took it. And there are some very serious changes now and I'm proud of that. Was it easy? No. Did it cost me? Maybe. Would I do it again? Yes.

As for this.....I don't know? Yes a company's reason for existence is to make money via providing a unique good or service that is first and foremost sought by customers. Is what GS doing right? Fleecing it's customers because it is the biggest and most bad ass company in the world?

I don't know? Are they any different from any of the other financial intuitions?

Is it a simple matter of the lesser of two evils?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[kelpdiver 2]

Looks like the guy was a total douche bag:

"A week after setting the financial world into a tizzy over his scathing "Muppet essay" in the New York Times (NYT) it was revealed that disgruntled former Goldman Sachs (GS) employee Greg Smith was shopping a book deal."

http://finance.yahoo.com/blogs/breakout/not-banks-stocks-moving-higher-163918841.html

[SivaGanesha 2]

Quote

he felt betrayed by a place he dedicated his youth too. live by the sword, die by the sword. this is the profession he chose.

I'm not clear whether he (or anyone else) really has much of a choice in this regard. Can you name a profession where the businesses are NOT focused on a ruthless desire to make money? The problems he describes are not unique to Wall Street.

Indeed one reason why I think the Occupy Wall Street movement spread so quickly last fall beyond Zuccotti Park is that the basic criticisms offered by Occupy Wall Street really apply to the whole business community throughout the country and the world--not just to a few very well heeled Wall Street firms.

One thing about Wall Street, though, is that it tends to be a world where you either get the big bonuses or get asked to leave pretty quickly. If he was there for 12 years, it probably means he was rising pretty steadily in the ranks--they would have cut him loose earlier otherwise. The culture hasn't changed--what's changed is that as he's moved up the ranks, he's interacting more and more with the top brass and gets to see more and more what GS is really all about.

Finally I can't help but notice that, despite his claiming the higher ground ethically, he is still leaving a Wall Street firm at the usual time to leave a Wall Street firm: early in the year just after bonuses are paid in January. He still waited around to get his bonus (or, alternatively, to find out he wasn't getting much of a bonus this year).

"It's hard to have fun at 4-way unless your whole team gets down to the ground safely to do it again!"--Northern California Skydiving League re USPA Safety Day, March 8, 2014

[weekender 0]

Quote

Quote

he felt betrayed by a place he dedicated his youth too. live by the sword, die by the sword. this is the profession he chose.

I'm not clear whether he (or anyone else) really has much of a choice in this regard. Can you name a profession where the businesses are NOT focused on a ruthless desire to make money? The problems he describes are not unique to Wall Street.

Indeed one reason why I think the Occupy Wall Street movement spread so quickly last fall beyond Zuccotti Park is that the basic criticisms offered by Occupy Wall Street really apply to the whole business community throughout the country and the world--not just to a few very well heeled Wall Street firms.

One thing about Wall Street, though, is that it tends to be a world where you either get the big bonuses or get asked to leave pretty quickly. If he was there for 12 years, it probably means he was rising pretty steadily in the ranks--they would have cut him loose earlier otherwise. The culture hasn't changed--what's changed is that as he's moved up the ranks, he's interacting more and more with the top brass and gets to see more and more what GS is really all about.

Finally I can't help but notice that, despite his claiming the higher ground ethically, he is still leaving a Wall Street firm at the usual time to leave a Wall Street firm: early in the year just after bonuses are paid in January. He still waited around to get his bonus (or, alternatively, to find out he wasn't getting much of a bonus this year).

I think your post is very similiar to my thinking.

to be clear though. my comment about his profession was that he chose to be a production employee. he chose to be measured by one metric, revenues. NOW he seems upset his career is soley about that. It's BS, he knew all along. there are plenty of jobs where you are evaluated by other metrics that assess your value. all back office people, for example. he chose production. live the sword, die by the sword.

"The point is, I'm weird, but I never felt weird."
John Frusciante