Mar 14, 2012 at 2:04 pm #1287125
eric chanBPL Member
more at the link
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.Mar 14, 2012 at 3:46 pm #1853851
It took him that long? It took me an internship and 18 months.Mar 14, 2012 at 3:48 pm #1853853
– -K.T.- –BPL Member
We should care, why?
Money, destroyer of soulsMar 14, 2012 at 3:55 pm #1853860
Because there will be a book shortly and books always make good Christmas gifts.Mar 14, 2012 at 4:12 pm #1853873
I guess everyone has a price to ignore their conscience… I am guessing this is not a coincidence:
"Facing a slump in revenue from investment banking and trading, Wall Street firms have trimmed 2011 discretionary pay. At Goldman Sachs Group Inc. (GS) and Barclays Capital, the cuts were at least 25 percent."Mar 14, 2012 at 5:29 pm #1853904
eric chanBPL Member
more at link …
Why I am leaving the Empire, by Darth Vader
TODAY is my last day at the Empire.
'I no longer have the pride, or the belief'
After almost 12 years, first as a summer intern, then in the Death Star and now in London, I believe I have worked here long enough to understand the trajectory of its culture, its people and its massive, genocidal space machines. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
To put the problem in the simplest terms, throttling people with your mind continues to be sidelined in the way the firm operates and thinks about making people dead.Mar 14, 2012 at 9:04 pm #1853995
jeffrey armbrusterBPL Member
@bookLocale: Northern California
Thanks Eric, I agree that this sort of thing is important. I'd write a lot more but geeze I hate interminable internet arguments.
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