Goldman called clients 'muppets,' ex-executive says

Mar 14, 2012 | Posted by: roboblogger | Full story: CBC News

An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its "moral fiber" and said managing directors there referred to clients as "muppets." Greg Smith, an executive director at Goldman, said the company needs to "weed out the morally bankrupt people" and suggested the erosion ... (more)

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Sheik Yerbouti

Jamison, PA

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#1
Mar 14, 2012
 

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Is anyone really surprised. Most wall streeters are sociopaths without any ethics or morals. obama's administration is filled with them!
Wall Street Government

Sebastian, FL

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#2
Mar 14, 2012
 

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Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.

The 2001 transaction involved a type of derivative known as a swap. One such instrument, called an interest-rate swap, can help companies and countries cope with swings in their borrowing costs by exchanging fixed-rate payments for floating-rate ones, or vice versa. Another kind, a currency swap, can minimize the impact of volatile foreign exchange rates.

But with the help of JPMorgan, Italy was able to do more than that. Despite persistently high deficits, a 1996 derivative helped bring Italy’s budget into line by swapping currency with JPMorgan at a favorable exchange rate, effectively putting more money in the government’s hands. In return, Italy committed to future payments that were not booked as liabilities.
Your Ex

Manchester, TN

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#3
Mar 14, 2012
 

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Wow.
This post up for 9hrs and
NO
Frightwingers mewling about how we
just don't understand
"Free Markets"
John

Los Angeles, CA

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#4
Mar 14, 2012
 

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It's a rare opportunity to learn about the massive corruption inside these huge firms

Good articles on www.ariespost.com
torch

Charlottesville, VA

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#5
Mar 14, 2012
 

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talk too much he might jion biebart
Anonymous

Putian, China

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#6
Mar 14, 2012
 
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Anonymous

Putian, China

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#7
Mar 14, 2012
 

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Jim Bagg

United States

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#9
Mar 15, 2012
 

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Your Ex wrote:
Wow.
This post up for 9hrs and
NO
Frightwingers mewling about how we
just don't understand
"Free Markets"
Big deal. I can find you a disgruntled employee in every company in this land. From Goldman Sachs right down to the gas station on the corner. When the SEC comes forth with hard evidence that clients were cheated or misled maybe I will pay attention. Until then, this is just the rantings of a grouch enabled by a dying newspaper with no credibility.

Since: May 11

Location hidden

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#10
Mar 15, 2012
 

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Your Ex wrote:
Wow.
This post up for 9hrs and
NO
Frightwingers mewling about how we
just don't understand
"Free Markets"
They avoid these articles like the plague. If you want to talk to them, try any article with the word "Obama" in it.
Your Ex

Manchester, TN

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#11
Mar 15, 2012
 

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Jim Bagg wrote:
<quoted text>
Big deal. I can find you a disgruntled employee in every company in this land. From Goldman Sachs right down to the gas station on the corner. When the SEC comes forth with hard evidence that clients were cheated or misled maybe I will pay attention. Until then, this is just the rantings of a grouch enabled by a dying newspaper with no credibility.
Goldman Sachs won’t face criminal prosecution related to sales of mortgage-linked securities because such a move could threaten the U.S. financial system, according to Brad Hintz, an analyst at Sanford C. Bernstein & Co.
http://dailybail.com/home/goldman-sachs-is-fa...

Since: Apr 12

Huntington Beach, CA

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#12
Apr 19, 2012
 
I think it's unfortunate that Goldman Sachs has become so huge. I agree with Your Ex that criminal prosecution is unlikely, but it's the reason it's unlikely that particularly sucks, and could be dangerous.

http://www.icmfinancial.com/

Since: Jul 11

Laurel, MD

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#14
Jul 26, 2012
 
Goldmann is finallt telling the truth

"deficits don't matter" Cheyney '02

Where's Ron Paul when you need him

Since: Jul 11

Laurel, MD

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#15
Jul 26, 2012
 
sorry "A Goldmann Exec is finally telling the truth"

Hank Paulson forces them to take taxpayer funding and then tells the media "we had no choice"-only in america

Since: Jul 11

Laurel, MD

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#16
Jul 26, 2012
 
Romney is a muppet

Since: Jul 11

Laurel, MD

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#17
Jul 28, 2012
 
"In May 2008, The Wall Street Journal wrote that Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession. "I do believe that the worst is likely to be behind us," Paulson told the newspaper in an interview.[24]
On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying,“it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”[25]
On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac.[26] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.[27]"
[edit]

Paulson "we had no choice"

This guy lied about his own lies and said we had no choice-lol! only in ameriscum

Since: Jul 11

Bladensburg, MD

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#18
Jul 29, 2012
 
"weed out the morally bankrupt people"

another executive tells the truth about the corporate greed and lack of values that this american institution has for its clients-it sad

Since: Jul 11

Laurel, MD

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#19
Jul 29, 2012
 

Since: Jul 11

Laurel, MD

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#20
Jul 29, 2012
 
"we had no choice"

Since: Jul 11

Laurel, MD

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#21
Aug 7, 2012
 
swedenforever wrote:
"In May 2008, The Wall Street Journal wrote that Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession. "I do believe that the worst is likely to be behind us," Paulson told the newspaper in an interview.[24]
On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying,“it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”[25]
On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac.[26] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.[27]"
[edit]
Paulson "we had no choice"
This guy lied about his own lies and said we had no choice-lol! only in ameriscum
good post

Since: Jul 11

Laurel, MD

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#22
Aug 9, 2012
 
How can a banking system be safe-when you're bailing them out? "..China was reluctant to take Paulson's advice.." Asian economists weren't that retarded to believe a Treasurer that forced banks to take taxpayer money-good move China

"The fundamentals of the economy are strong"-McCain '08-McCain was trying to defend his lieing party

at the same time Sept.'08 Fan/Fred went into a conservatorship-lol!!

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