By now, most of you are aware of Greg Smith's highly public departure from Goldman-Sachs. Goldman-Sachs is one of the oldest and most successful investment bankers of all times. Mr. Smith was a Goldman-Sachs executive director, equivalent to a vice president according to some reports, who put his quite contrary account of Goldman-Sachs into the New York Times this morning. That prompted Goldman-Sachs to launch a campaign to discredit him that one reporter equated to "... his opinion does not matter because he made less than $750,000 per year." That was not said but Goldman did discredit him somewhat as a lower-level employee.
On another note, an outfit called "The Daily Mash" parodied Mr. Smith's dire commentary in the New York Times with a piece that restates Greg Smith's New York Times resignation as a resignation by Darth Vader. It was just too funny. You can read it here: http://www.thedailymash.co.uk/news/society/why-i-am-leaving-the-empire%2c-by-darth-vader-201203145007/
No disrespect to Mr. Smith is intended. I am sure that Goldman-Sachs views its customers as "Muppets" as he noted in his article but the Darth Vader article kind of gets it in the right light. The empire, i.e. Goldman-Sachs, is still the empire but Mr. Vader (Greg Smith) is resigning over minor issues like losing the interest in remote strangulation, etc. I just checked and The Daily Mash Website is down so read some of the excellent articles about it until they recover their site. The point here is that Mr. Smith, in spite of his , perhaps, good intentions, was a well-paid member of the empire, er Goldman-Sachs, for 12 years and finally has seen the light.
Goldman-Sachs may have lost their customer focus. That is not, unfortunately, uncommon in the USA. Are they the evil empire? Name any twelve major US corporations and tell me. In any event, money is there to be made from Goldman, Johnson and Johnson, Chrysler-Fiat, etc, if you time the market right and don't get blinded by the Koolaid.
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