“Why I Am Leaving Goldman Sachs”….Greg Smith,Executive Director and Head of Equity Derivatives Business in Europe,Middle East and Africa

Wall Street or Dalal Street…This egrerious culture and mindset of making money…anyhow….is the common factor 

Goldman Sachs always remains in the news ~ and this time ,like again and again in recent years, for the wrong reasons

“Why I Am Leaving Goldman Sachs”….Greg Smith,Executive Director and Head of Equity Derivatives Business in Europe,Middle East and Africa

On March 14,2012,New York Times carried this oped by Greg Smith announcing his resignation….impactful way of  communicating your resignation…Market Cap of Goldman Sachs dropped over US $ 2 Billion post this oped  

You can read it all here in NY Times  ……don’t forget to read the interesting responses too

By an arrangement ,Economic Times too carried the piece  in their edition of March 15,2012…you can access this in Economic Times here  

Earlier in 2011,another Goldman Sachs Employee,Antonio left too citing similar sentiment as Greg Smith…I had blogged on this as below

“Quants were the eunuchs at the orgy”….loved this one from Antonio,ex Goldman Sachs!

Monday, June 27th, 2011

Antonio called Goldman Sachs the “World’s largest bookie” and regreted he had not made the switch earlier out of Goldman Sachs 

Am sure legendary living Investor Guru,Warren Buffett will not agree with Greg Smith….for Warren Buffett invested heavily in Goldman Sachs in September 2008….in my opinion actually bailed them out in immediately tough Post Lehman debacle times…I had blogged on this earlier in  

Did Value Investor and Living Investment Legend, Warren Buffett, invest US $ 5 Billion in Goldman Sachs in September 2008 for reasons other than Value !?

Thursday, December 4th, 2008

In India too it’s no different…a few years ago having been invited to a Capital Markets Seminar organised by one of the big Four Accounting and Auditing Firms, and as I was entering I overheard their Senior Partner,who too had arrived just before me, quipping to his Executive ” Got enough Bakras today “…..Suckers,he meant !…..Greg Smith reveals how Goldman Sachs Managing Directors often referred clients as ‘Muppets’

 …and this is precisely the reason I have stayed Independent…not aligning or joining up with any of the leading names in Indian Capital Markets in Investment or Merchant Banking,FIIs,Mutual Funds or even Broking Houses…so that I don’t have to deal or confront with likely situations of  daily house bias,prejudiced views,selfserving advisory,toeing the line, dictats,moral conflicts  etc….ofcourse Earnings and Driving Revenues remain key objectives…I have no issues on this as Business is not a charity…but Monies can be earned by providing a valuable and honest service to clients rather than by deliberate misselling or self serving advisory or hawking of less than Investment grade,Investments….greed and the need to meet targets often translates to operational and moral recklessness and improper and inapropriate advice and functioning that could cross the line into manipulation,fraud and deceit read more

“Quants were the eunuchs at the orgy”….loved this one from Antonio,ex Goldman Sachs!

Loved this Antonio guy’s throw on when he worked as a ‘quant’ for Goldman Sachs….you’ll love it too…check him out

http://adgrok.com/why-founding-a-three-person-startup-with-zero-revenue-is-better-than-working-for-goldman-sachs/

Loved these quips and quotes from Antonio…the guys wasting his time in any other field…he’s cut out for financial reporting and the literary world

” Giving sophisticated models and fast computers to traders is like giving handguns and tequila to teenage boys”

“quants were the eunuchs at the orgy”

“We bled but others died “

“World’s largest bookie “…an uncharitable reference to Goldman Sachs

We work out of a cramped one-bedroom apartment, and have to time bathroom visits not to coincide. Some days, it looks like we’re going bust within the week. Some days, it looks we’re going to be the next Google.”

You know what I regret most though, going from Goldman to this?…Not having made the switch earlier.”