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nico

Goldman Sachs Executive Leaves Because of a Culture of "Ripping People Off"

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"Great article that everyone should read to see Goldman Sachs through the lens of a 12 year Goldman executive. Here is an excerpt from the NY Times:"

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C.,
, Abacus,
, Carl Levin,
? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.

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