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03/14/2012

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Bill Hicks

I wish I could get worked up about this story, but I just can't. Just like with MF Global, anyone who has more money invested with Goldman Sachs than they can afford to lose is an idiot, no matter how big a player they may be. Like the gambler who blows the food and rent money on the craps table, I have no sympathy for them whatsoever.

Dave Cohen

@Bill

Well, winning the cynicism contest is one thing -- I'm willing to concede -- but supporting Greg Smith's actions in regard to Goldman is quite another. And that's what I did today.

I would also add that it is a mistake to underestimate the role Goldman has played in subverting honest government in the United States, and their current role in the European debt debacle. That said, nothing will change, as I wrote in the post, but it's nice to see there are still some honest people in the world. They're so rare.

-- Dave

Lew Stewell

The guy must have hit his magic bank balance number and can now "do what I really want". The question I have is; when when did he out that GS was corrupt/dishonest/evil?
Last week ?
Last year?

John D

GS stock only down 3% so far today. Maybe Mr. Smith is telling us something that the market already knows to be true?

A Natural Mystic

While I applaud Mr. Smith for making the right decision, I do take issue with the picture he paints in his article. Like many, he appears to be saying the problem is purely one of "management style" or personal moral failings - i.e. people like Blakenfield are too greedy, don't care about clients, etc. While I have no doubt that all of this is true, it's not addressing the real issues, which are systemic in nature.

It wouldn't matter if the whole board and upper management of Goldman Sachs were replaced, because Goldman Sachs is designed to collect and concentrate wealth, no matter what the consequences. This design defines in advance the sort of behavior we can expect from both the company as a whole and whatever executives happen to be running it at this particular moment. Goldman has been playing its part like this for a long time. In his 1954 book The Great Crash, 1929, John Kenneth Galbraith has an entire chapter entitled "In Goldman, Sachs We Trust". They've been pulling the same shenanigans since 1928 because this is what an organization like Goldman, embedded in a system like the global industrial-financial economy, is designed to do.

Ben

Investment banks like Goldman perform no useful societal function.

John Andersen

I completely agree with "A Natural Mystic." Goldman Sachs is in fact functioning as it is designed to do in the global industrial financial economy. There is no reforming Goldman Sachs. It's about the system in which it exists.

Many people have determined they can no longer operate within that system, so they do what they can to distance themselves from it.

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