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Answer: because you have made enough money to retire.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 14th, 2012 at 06:49:23 AM EST
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And  you're not insane enough that that's not enough. The real players never, never have enough.
by Colman (colman at eurotrib.com) on Wed Mar 14th, 2012 at 06:51:47 AM EST
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And he's going to pay a significant social price for that article, I suspect.
by Colman (colman at eurotrib.com) on Wed Mar 14th, 2012 at 06:52:37 AM EST
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Meh, if he has a net worth in the 8 figures he doesn't need to care. He also appears to have a life
My proudest moments in life -- getting a full scholarship to go from South Africa to Stanford University, being selected as a Rhodes Scholar national finalist, winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics -- have all come through hard work, with no shortcuts. Goldman Sachs today has become too much about shortcuts and not enough about achievement. It just doesn't feel right to me anymore.


There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 14th, 2012 at 06:54:31 AM EST
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Maybe he is looking to change his social circles now. Pretending that the pillage mentality is new and nothing you want to associate with might be a step towards that.

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES!
by A swedish kind of death on Wed Mar 14th, 2012 at 08:49:19 AM EST
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eFinancialCareers: Who exactly is Greg Smith? How much could he have earned? Why did he write that letter? And does this mean Goldman will be paying far bigger stock bonuses in future?
Why else might he have written that letter?

...

If he left under a compromise agreement, Jane Mann, head of employment law at Fox Williams, says it would been usual for him to sign a non-disparagement clause. Compromise agreements are common when employees are made redundant or move to a rival firm. They are usually a precondition to departing employees receiving all their unvested stock.

...

Why would he have done this? Maybe it was, as the letter points out, simply because he felt Goldman had become morally dissolute. Other factors could possibly have contributed: Goldman is understood to have reduced salaries for many of its VPs and has been selective about who it who it allocates bonuses to. Was Smith affected? Apparently so: the Wall Street Journal says Smith's small bonus was a source of friction.

Having come over from New York last year (possibly with a young family), it's also possible that Smith found his new role in London less appealing than he'd anticipated. After after spending 12 years at the firm, he hadn't been promoted to MD. In this context, if Goldman also cut his salary and reduced his bonus, he may have been justifiably put out. All this is speculation: we've tried calling Smith, but he's not answering the phone. It's always possible that Smith's salary and bonus were perfectly acceptable and he'd just had enough.



There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 14th, 2012 at 11:55:15 AM EST
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I'm sorry, but this ex-Goldmanite is full of shit.  GS has been a company of scumbags forever.  My guess: He's got more money than he knows what to do with, and he's looking for a book deal to capitalize on the anti-Goldman views of the public to pad the great-grandkids' trust funds in his retirement.

And his clients are muppets.  We've known Goldman does this kind of shit for years.  The obvious question is, Why is Goldman able to attract clients?

Look through the comments at the NYT.  "I'm a GS client, and I can't get my money out or know anything about the proprietary fund I was sold!  I lost 35% since 2008!"  Who the fuck buys funds without knowing what's in them, aside from presidents and others who require blind trusts?

It sounds like it's really no different from the small-scale Ponzi schemes you see here and there every couple years.  Except Ponzi schemes actually pay out in the early-going.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Wed Mar 14th, 2012 at 12:32:45 PM EST
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More character assassination: Bankers versus bitching rights, a graphical representation (FT Alphaville)
So, a particularly vocal disappointed banker has left the fold. And not just any banker: a Goldmanite banker. He's been part of the empire firm long enough to get a top job in the US government see it change for the worse. Apparently.


There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 14th, 2012 at 01:53:27 PM EST
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Was this other guy character-assassinated by the financial commentariat?
If you haven't seen it already, self-proclaimed `stock market trader and forex trainer' Alessio Rastani, appeared on the BBC yesterday declaring, among other things, that Goldman Sachs rather than governments rules the world, that he's been, "dreaming" of a market crash for three years and that everyone's savings are about to be wiped out.

...

And then - for a few hours - it looked like Rastani was a spoof. Robert Peston, the BBC's business editor admitted that Rastani may in fact have been one of the YesMen, a satirical duo specializing in posing as executives and making extreme comments in their name. Although Rastani has his own website and has written 1,700 tweets, he looks suspiciously like the Yes Men's Andy Bichelbaum, who appears here (also on the BBC) giving a spoof interview about the Bhopal disaster.

It transpires, however, that Rastani IS real and that he merely resembles Andy Bichelbaum. The Telegraph has been to visit him in his 200k house in Bexleyheath, where he says he's not much of a trader but is an "attention seeker" who likes to talk.



There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 14th, 2012 at 01:56:30 PM EST
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by Colman (colman at eurotrib.com) on Wed Mar 14th, 2012 at 07:01:18 AM EST
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