<p>Wonder how it came about that the NY Times published his letter of resignation -not an every day occurrence. After all many have quit Wall Street jobs and many have felt similarly about Wall Street firms in the end. Love to know what the real story/motivation is behind all of this?.</p>
<p>Dstark, there is plenty of crap published about GS and Wall Street. Remember Douthat? </p>
<p>Anyhow about killing the messenger, that seems just for someone who oozes hypocrisy. Again check his past title. Is derivative not part of the name CDO? </p>
<p>When I read this story, the image of Matt Damon at ADM came to mind. Innocent whistleblower? Not this guy! Show some contrition for a few years and then come back with a positive story, Mr. Sorry IB. Probably sorry he cannot steal as easily as before from widows and orphans because of heightened scrutiny.</p>
<p>Musicprint, according to Paul Samuelson, the economics reporter for the PBS News Hour, you hit the nail on the head. His feature tonight addressed the phenomena of electronic millisecond trading. Apparent the British novelist Robert Harris has written about this stuff and seemed to eerily predict the financial meltdown in one of his novels.</p>
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<p>Sound very impressive but I understand that executive director is the equivalent of vice president at GS US operation. GS has thousands of VPs. The ladder goes something like analyst –> associate –> VP.</p>
<p>I was at MS when Fiasco was published. The author, like this guy, was in derivatives. They were looking to “rip your face off.” There’s a special place in hell for these folks. Not representative at all of the culture in other parts of the company. But still a black eye. And yes, blood in the water.</p>
<p>Xiggi…the story isn’t crap.</p>
<p>I have no idea why you brought up Dou…</p>
<p>I don’t read him…and I have no real interest in him.</p>
<p>I am interested in what Smith has to say.</p>
<p>I understand when a story like this comes out and some people will focus on the author and some will focus on what the author says…</p>
<p>Since I have traded off and on for 30 years…and I trade equity derivatives… I have my own experiences and my own thoughts…I am interested in what Smith says.</p>
<p>My point was that “Fiasco” was published 13 years ago. This is not news.</p>
<p>LakeWashington…</p>
<p>Thanks for the heads up on Harris. I liked the video on PBS.</p>
<p>According to Harris…there are about 400 high frequency trading firms…</p>
<p>But really…10 probably dominate in the US…plus there are a few Hft operations in banks…</p>
<p>Harris did not really predict a meltdown. It’s the subject of his book.
I may have to pick up that book.</p>
<p>Many hft firms are going out of business. It’s a very competitive place…</p>
<p>And margins are squeezed…volume is down…</p>
<p>Volatility is down…I don’t know how volatility could go down with hft firms causing so much volatility. :)</p>
<p><a href=“http://www.tradersmagazine.com/news/hft-profitability-assets-geography-109876-1.html[/url]”>http://www.tradersmagazine.com/news/hft-profitability-assets-geography-109876-1.html</a></p>
<p>The only thing shocking about this article was that he said the culture at Goldman Sachs was not corrupt 5-10 years ago.</p>
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<p>GS isn’t in the caring business. It’s always been and always will be about the money. The question is how to make the most money. The best way to make money over the long haul is to care about your clients in the short and long term.</p>
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<p>Ayn Rand bump…</p>
<p>DS, try Michael Lewis … Something about Liars Poker.</p>
<p>For the stories, I meant there are plenty of them attacking Wall Street and GS. and, fwiw, the story here is not crap, the writer is. He stayed as long as easy riches came with the prestige. Times are different. His newly found conscience is not different from that of German camps running towards the liberating forces and pretending to be … Victims.</p>
<p>Hypocrites and liars … Do I miss an adjective?</p>
<p>Seems strange that a 26 yo kid would have such a vociferous reaction to all of this.</p>
<p>Oh, for whom do you work xiggi?</p>
<p>Xiggi…</p>
<p>It’s not always so easy…</p>
<p>Maybe the guy tried to change the culture…</p>
<p>I know people that worked at GS that have a lot of integrity…that…were very honest with their clients…while some of their fellow employees just cared about the money…</p>
<p>Overall…I would never trust GS.</p>
<p>This business is about the money. </p>
<p>GS has their version of the ten commandments. I think it is 14 or so.</p>
<p>Number 1 is Put your clients first.</p>
<p>Ok…GS has a litlle trouble with that one.</p>
<p>Liar’s Poker is a good book.</p>
<p>We don’t know Smith…Xiggi.</p>
<p>This isn’t news.</p>
<p>This was going on for years BEFORE the collapse, and now we are years AFTER the collapse.</p>
<p>What is new is that it is someone from inside Goldman who is saying it.</p>
<p>It’s difficult to remember that Michael Lewis worked for Solomon Brothers, and it was the fact that he worked for Solomon Brothers before he wrote LP that made it such a strong indictment of the firm. People forget, too, that in thier own day, SBrothers was one of the tippy top firms.</p>
<p>They spawned LTCM (the warning alarm on all of this crud)</p>
<p>If Smith tells the truth and writes a book and isn’t too worried about “looking good” himself, it might be a pretty good book. But, given the years he was at GS? He was a part of the problem, and not some innocent bystander.</p>
<p>“He was a part of the problem, and not some innocent bystander.”</p>
<p>Maybe…</p>
<p>Are there facts on this?</p>
<p>The fact that he was working in those derivatives 10 years ago? </p>
<p>Dstark… You know that. What made Lewis so good was that he knew he was part of the problem.</p>
<p>There is no way this is “new.” </p>
<p>Okay, talk to someone who was there twenty years ago. Maybe? But, not someone wwho started there in 2000. Someone who started there in 2000 wasn’t part of the “old” Goldman. Its practically zero day for the new Goldman.</p>
<p>Maybe…</p>
<p>The fact that Smith headed equity derivatives makes it more likely he was in on the dishonesty…</p>
<p>I want to see more of what Smith has to say…</p>
<p>Is the issue that somebody was a hypocrite…or that GS is a disgusting firm with immense political power?</p>
<p>GS went public in 1999.</p>
<p>He’s been there since 2000.</p>
<p>I find it interesting that someone from inside GS is ready to talk, and I hope he does write a book, but it will be a better book if he doesn’t do it just to make himself look “better” and the firm “bad.” </p>
<p>It will be better if he tells the muddy truth. He’s a young guy, DStark. It’s not like someone like you from before dereg. writing this letter. He wasn’t there before dereg.</p>
<p>ETA: I don’t think that means it took less courage to write that letter. GS is a scary adversary. I still think the letter took guts. fwiw.</p>