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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Quote:

TaZMaNiO wrote:
Quote:

WhoElseCouldIBe wrote:

None of this is new info, though..


It is an official publication released last week by the Dallas Branch of the Federal Reserve, and the language is beyond damning for a banking institution of its caliber...

Federal Reserve Bank of Dallas

Perhaps, just perhaps, cracks are forming in the glass ceiling


Right, but what I meant was, what the Dallas Fed said was already known. They'll get overridden by TPTB, anyway.

Posted on: 2012/3/22 3:38
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Quote:

WhoElseCouldIBe wrote:

None of this is new info, though..


It is an official publication released last week by the Dallas Branch of the Federal Reserve, and the language is beyond damning for a banking institution of its caliber...

Federal Reserve Bank of Dallas

Perhaps, just perhaps, cracks are forming in the glass ceiling

Posted on: 2012/3/22 3:27
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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TaZMaNiO wrote:
Oops...maybe there was good reason to be "tense" after all?

Could it be the jig is up?!?

Dallas FED...Choosing the Road to Prosperity: Why We Must End Too Big to Fail--Now

Quote:
TBTF: A Perversion of Capitalism An unfortunate side effect of the government?s massive aid to TBTF banks has been an erosion of faith in American capitalism.

Ordinary workers and consumers who might usually thank capitalism for their higher living standards have seen a perverse side of the system, where they see that normal rules of markets don?t apply to the rich, powerful and well-connected.

Here are some ways TBTF has violated basic tenets of a capitalist system:

Capitalism requires the freedom to succeed and the freedom to fail. Hard work and good decisions should be rewarded. Perhaps more important, bad decisions should lead to failure?openly and publicly. Economist Allan Meltzer put it this way: ?Capitalism without failure is like religion without sin.?

Capitalism requires government to enforce the rule of law. This requires maintaining a level playing field. The privatization of profits and socialization of losses is completely unacceptable. TBTF undermines equal treatment, reinforcing the perception of a system tilted in favor of the rich and powerful.

Capitalism requires businesses and individuals be held accountable for the consequences of their actions. Accountability is a key ingredient for maintaining public faith in the economic system.

The perception?and the reality?is that virtually nobody has been punished or held accountable for their roles in the financial crisis. The idea that some institutions are TBTF inexorably erodes the foundations of our market-based system of capitalism.


OOooohhhH Boy! Things are about to get interesting


None of this is new info, though..

Posted on: 2012/3/22 0:25
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Oops...maybe there was good reason to be "tense" after all?

Could it be the jig is up?!?

Dallas FED...Choosing the Road to Prosperity: Why We Must End Too Big to Fail--Now

Quote:
TBTF: A Perversion of Capitalism An unfortunate side effect of the government?s massive aid to TBTF banks has been an erosion of faith in American capitalism.

Ordinary workers and consumers who might usually thank capitalism for their higher living standards have seen a perverse side of the system, where they see that normal rules of markets don?t apply to the rich, powerful and well-connected.

Here are some ways TBTF has violated basic tenets of a capitalist system:

Capitalism requires the freedom to succeed and the freedom to fail. Hard work and good decisions should be rewarded. Perhaps more important, bad decisions should lead to failure?openly and publicly. Economist Allan Meltzer put it this way: ?Capitalism without failure is like religion without sin.?

Capitalism requires government to enforce the rule of law. This requires maintaining a level playing field. The privatization of profits and socialization of losses is completely unacceptable. TBTF undermines equal treatment, reinforcing the perception of a system tilted in favor of the rich and powerful.

Capitalism requires businesses and individuals be held accountable for the consequences of their actions. Accountability is a key ingredient for maintaining public faith in the economic system.

The perception?and the reality?is that virtually nobody has been punished or held accountable for their roles in the financial crisis. The idea that some institutions are TBTF inexorably erodes the foundations of our market-based system of capitalism.


OOooohhhH Boy! Things are about to get interesting

Posted on: 2012/3/21 16:00
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Posted on: 2012/3/19 4:32
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Quote:

Rorschach wrote:
Just remember, Lloyd Blankfein of Goldman Sachs says they are doing God's work.


I had to google that...wow! As the Wall Street Journal says, "a creepy, conspiratorial vampire squid of finance"

They really are doing the devil's work, aren't they?

And what's up with all the baldness?

Goldman Sachs Executive, Greg Smith
Resized Image

CEO Lloyd C. Blankfein
Resized Image

President Gary Cohn
Resized Image

Former Vice President, Steve Kuhn
Resized Image

Former CEO, Henry Paulson (and our last United States Secretary of the Treasury)
Resized Image

It'd be interesting to hear what Steve Fulop has to say about his time at Goldman. But he still has all his hair, so he probably didn't drink the kool aid?

Posted on: 2012/3/19 3:19
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Just remember, Lloyd Blankfein of Goldman Sachs says they are doing God's work.

Posted on: 2012/3/19 1:38
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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I'll just leave this here: Resized Image

Posted on: 2012/3/18 20:24
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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All my life I wanted to be a gangster - Henry Hill

Resized Image

Posted on: 2012/3/17 21:49
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Posted on: 2012/3/17 14:01
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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FWIW, Corzine's most recent adventure, MF Global, went down the tubes last Fall with well over a billion dollars in customer funds still missing.

Posted on: 2012/3/17 13:11
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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anyone who thinks their bank salesman is "on their side" is a living in a dreamworld. They are your counter party and on the other side of the trade.

If people could just get that straight the world would be a lot better off...

Posted on: 2012/3/17 11:52
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Where these remarks of a heavy heart or lighter wallet or was it a combination of both ?

Posted on: 2012/3/17 8:23
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Also, his name was Jon.

Posted on: 2012/3/17 6:47
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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the guy who resigned was the equivalent of a middle manager at the firm. Corzine was the CEO of the entire firm

Posted on: 2012/3/17 4:59
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Re: Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Weird.

Is this the same Goldman Sachs that gave used to employ financial genius John Corzine?

So... that guy who just resigned, is he going to follow in the footsteps of the others from the GS alumni?

Posted on: 2012/3/17 4:35
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Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing executive
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Workers say Goldman Sachs on Jersey City waterfront 'tense' after negative remarks by departing exec

March 16, 2012, 3:00 AM
By Stephanie Musat/ For The Jersey Journal

The atmosphere at Goldman Sachs offices on the Jersey City waterfront has been ?tense? since a Goldman executive director, Greg Smith, blasted the company on Wednesday in a New York Times op-ed piece and quit his lucrative post.

Smith described a company that he says has lost its way, is only interested in making money, and has managing directors who refer to their clients as ?muppets.?

Two Goldman employees, who asked to remain anonymous, said yesterday the op-ed rocked the Jersey City office because it was so unexpected.

?I heard of the letter after it exploded online,? said one employee. ?It was hard to read. It made our company look really bad. It?s going to take a lot of damage control.?

The employee said he takes his work very seriously and only makes decisions that are in the best interest of his clients.

He said he found the ?muppet? claim very disturbing.

?I truly believe that this decline in the firm?s moral fiber represents the single most serious threat to its long-term survival,? Smith wrote.

Another Goldman Sachs employee said it was shocking to read the content of the letter, but he believes the company?s reputation will be still be positive.

?We serve our clients in the best way we can,? he said. ?The language he used in the letter was harsh, but that?s Smith?s opinion.?

The Washington Post reported that Goldman Sachs shares dropped 3.4 percent in New York trading yesterday.

http://www.nj.com/jjournal-news/index ... y_goldman_sachs_on_j.html

Posted on: 2012/3/16 19:19
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