|
I worked for ten years for a former member of the Goldman Sachs
Management Committee who made partner when the firm was about more than
just making as much money as fast as it can, any way it can, risk be
damned. He was the finest gentleman I've met in my thirty-plus year
business career. TH - you know who I'm talking about.
I've never
seen a more blatant example of transparent insincerity than when I hear
Blankfein heave up his garbage about the firm's devotion to its clients.
Goldman doesn't have clients, it has counterparties.
I feel badly
for my former boss, having to live out his days seeing the firm he
devoted his life to converting itself into a huge hedge fund and sinking
to the disgusting level it has. The lightning speed with which Goldman
converted itself to a bank holding company was laughable, but nothing
could top hearing Blankfein say the firm had its CDS positions with AIG
fully hedged and was in no danger - none at all - had AIG done a
face-plant in the turf. Hey Lloyd, I may not be smart enough to work in
your shop, but that doesn't make me a complete moron. So please,
refrain from pissing on my shoes and telling me it's raining.
Were
these guys still playing with their own capital, Goldman would not be
populated with all the grasping snakes now in residence there. When
Wall Street's private partnerships converted to public ownership, the
respect for firm capital vanished. The Street treats shareholders'
capital the way Congress treats taxpayers' funds - it's strictly Other
People's Money. And sadly, 99% of people on earth treat OPM with no
more caution and respect than they do a glass of water. Tap water.
I
grew up in business having the strongest respect for the name Goldman
Sachs and now everything about the place makes me want to puke.
|
