Posts Tagged ‘comeuppance’

Not A Good Day For Goldman Sachs

Posted: March 14, 2012 by Keith Stone in news
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The investment bank, Goldman Sachs, quite possibly the most renowned on Wall St., was rocked today by an op-ed piece in the New York Times by a resigning manager, Greg Smith. Smith claimed that the culture of the company had changed during his tenure and that employees were no longer looking out for their clients and were instead taking advantage of them. Pretty much sums up the finance industry and the economic collapse. Here are a few excerpts from what Smith wrote:

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way.

I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.

It makes me ill how callously people talk about ripping their clients off.

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.

The last quote is the most important because after Goldman sent an email to all its employees basically giving lip service about how everyone cares so very deeply about their clients, the firm lost $2.15 billion in value after its stock price fell 3.4%. Oof. That’s what people need to learn. It doesn’t matter how much money you make in the short-term, if you don’t treat your customers fairly, it’s going to come back and bite you in the ass tenfold. Props to Greg Smith for having the guts to sacrifice his career and say what needed to be said. It’s a lot easier to sit back and say nothing and keep raking it in than do what’s right. If guys like him were in charge, the economy wouldn’t be in a ditch, like it was being driven by a Mets bullpen catcher.

Bloomberg

How’s Things Going For the Jets?

Posted: January 6, 2012 by Keith Stone in NFL
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Let’s go eat a goddamn snack!

So now the Jets are done for the year. The entire team is falling apart. Rex Ryan is crying in the locker room. Santonio Holmes is quitting in the middle of games. Bart Scott is flipping off cameramen. Darrelle Revis doesn’t want to talk, but the eighth string quarterback has a few things to say. The word on the street is that everybody on the Jets was playing for themselves and not the team. Should we be surprised? The team is full of castoffs. When things are going well, everyone is smiling, but when things go badly, it’s every man for themselves. There’s a reason they all got booted for their previous teams.

Rex comes out the worst in all of this. Apparently, this was all going on for weeks. How did he not know about any of it? Isn’t he like the cool coach that’s friends with all his players? And letting your offensive coordinator bench one of your only weapons during a season-saving drive doesn’t look too good. Yeah, you want to have the coordinators involved, but in the end Rex is responsible for the entire team. It doesn’t matter if he’s a defensive guy or not.

Then, he goes out and says everybody is coming back next year. What’s the point of that? You say, “We’re going to examine all of our options.” That’s it. Do you think any of your fans are happy Schottenheimer is coming back? What if Peyton Manning becomes available? I’m sure you’re not ruling him out, but there’s no reason to make the Sanchize confident he’s coming back. He was terrible in the second half of the season. He should be working like a maniac all offseason so he doesn’t get cut. You can say all you want about the back-to-back Championship Games but that means nothing. This is New York. After talking for all these years, Rex Ryan finally got tuned out by his players and the fans.