GOLDMAN HEIR SPEAKS: Greg Smith Was Right, They Ruined My Great-Grandfather's Company

[girl gone mad]

Henry Goldman III, the great-grandson of Goldman Sachs founder Marcus Goldman, says he agreed with Greg Smith's New York Times op-ed criticizing the firm's predatory culture.

"I thought it was spot on," Goldman told Business Insider in an exclusive interview.

Now a semi-retired financial professional currently residing in Colorado Springs, Goldman said the culture had changed "for the worse" since the days when his family maintained direct control over the company.

He added that Smith's views on Wall Street could be applied beyond Goldman.

Read more: http://www.businessinsider.com/henry-goldman-iii-on-greg-smith-letter-2012-3#ixzz1pE54NknT

[xchrom]

1. Du rec. Nt

[Ziggystrange]

2. JP Morgan was / is as bad or worse.

I was at Morgan for 7 yrs in IT, and contract negotiations. I left because I learned what was going on from the specs of the software I was writing.

I heard this in an elevator from 2 traders. (one of hundreds of things I learned)

T1. "What should I do?

T2 "Nothing"

T1 "It's 70 grand!"

T2. "He will never notice it"

T1 "What if he does?"

T2 "We fix it but he won't they are idiots, if they weren't they would not have their money here."

I reported that and lots more in 2000 but nothing happened.

When they outsourced, a rep would have to go there to the foreign site and do a site inspection.
A week earlier a Morgan team would go there and set up the company to pass the inspection, often busing in relatives and people off the streets to sit at desks and look like they were working.

It's all corrupt.

[no_hypocrisy]

3. Remember the illusion?

[Warpy]

4. I always responded to this rotten ad

"Yeah, unlike the rest of us, who just go out to the back yard and pick it off the trees."