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    If anyone was in any doubt....

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    Technician
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    If anyone was in any doubt....

    Post by Technician on Thu 15 Mar 2012, 1:18 pm

    Hi all,

    I know I have mentioned a number of times on here the dire financial mess we are in; and the perpetration of the 'greed culture' which can be laid squarely at the feet of heartless and corrupt banks which sustain and nourish it.
    While not the only architects of financial misfortune for the citizens of the world ( look at the EU !! ),they are by far the most perverse and heartless.

    If anyone now doubts this, then look at the actions of the whistleblower below. Undoubtable this banker has 'blown' his career, but decided to act on his moral principles. Coming from Goldman Sachs he was at the very heart of this darkness and blows the lid off the antics of the so called CEO and self proclaimed 'Gods Banker'
    Lloyd C. Blankfein; a man who has accrued a fabulous fortune off the misfortune of others.

    To quote:

    'A Goldman Sachs executive has dealt a deeply embarrassing blow to the firm by quitting in an open letter in which he lambasts the working environment as 'toxic and destructive'.
    Greg Smith has received strong support from many of his friends and colleagues, who have called him a 'legend' and praised him for speaking up against the corporate culture.

    But Goldman's management claim that the views of Mr Smith, an executive director who has worked at the New York-based investment bank for 12 years, represent a minority opinion at the firm. In a scathing resignation letter published in the New York Times on Wednesday, he reveals staff have so little respect for clients, they call them 'muppets' and talk of 'ripping eyeballs out'.

    'I can honestly say that the environment now is as toxic and destructive as I have ever seen it,' writes Smith, who headed the firm's U.S. equity derivatives business in Europe, the Middle East and Africa.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 writes: 'It makes me ill how callously people talk about ripping their clients off.

    Over the last 12 months I have seen five different managing directors refer to their own clients as "muppets", sometimes over internal e-mail. He added that in sale meetings, his colleagues spend every minute talking about how to make money off people, rather than how to help them. And, he added, this environment is not conducive to modelling employees interested in integrity rather than their bonus.

    He said: 'You dont have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about "muppets," "ripping eyeballs out" and "getting paid" doesnt exactly turn into a model citizen.

    The letter showed Blankfein needed to go. 'Terrible damage has been done, and by every appearance, Goldman did the damage to itself. Since the letter was published on Wednesday morning, Goldman Sachs shares are down by 3.35 per cent to $120.37 a share in afternoon trading.

    Well just one comment from me, what a bunch of B******s!!!


    Technician














    Read more: http://www.dailymail.co.uk/news/article-2114829/Greg-Smith-resignation-letter-Goldman-Sachs-exec-quits-firms-toxic-culture.html#ixzz1pBt7A3B8
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    papa_umau
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    Re: If anyone was in any doubt....

    Post by papa_umau on Fri 16 Mar 2012, 12:12 pm

    WOW...thanks for that one Technician and while I totally agree that the investment bankers and the other money-manipulators in this sub-culture DO look on us as sheep to the slaughter I do think that most of us now know exactly what these morons are made of.

    While that guy who attacked Goldman-Sachs did so as he was going out the door - and some might be of the opinion that that was just sour grapes - it did show that in their hidden and hallowed temples these animals are driven by the me-me culture and not by any feeling of trying to serve their investors as best they can - as they should.

    This has highlighted that nothing has really changed since the big crash and that all of these systems are just growing back like a snakes might grow new tails.

    There has been lots of talk about the FSA getting more powers and about the banking culture being properly overseen since then but I see no evidence that it is not just starting up all over again.


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    Angie baby
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    Re: If anyone was in any doubt....

    Post by Angie baby on Sat 17 Mar 2012, 1:12 pm

    Now that is scary Papa.

    I would have hoped that these greedy b******s might have learned by their mistakes. Hell, even chimpanzees learn by their mistakes.

    I think my money is just going to stay under the bed in a biscuit box.
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    papa_umau
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    Re: If anyone was in any doubt....

    Post by papa_umau on Mon 19 Mar 2012, 11:57 am

    Yes Angie, sadly it does seem as if the investment bankers and their reckless traders have learned nothing in the past couple of years. They are still trading dangerously and still getting the big bucks in bonuses as if nothing happened.


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