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What is that smell?

March 16, 2012

It is the arrogance wafting out of Wall Street!

Yesterday I commented on the Op Ed from the New York Times by an employee leaving Goldman Sachs. There have been various responses, including an official one from Goldman, but the below response best displays the arrogance on Wall Street:

From SFGate
“The argument that Goldman has become increasingly profit- driven, sometimes at the expense of clients’ best interests, and that some employees use vulgar and disrespectful language, is hardly news,” Whitney Tilson, founder of hedge fund T2 Partners LLC, wrote in an e-mailed commentary. “What’s the next ‘shocking’ headline: ‘Prostitution in Vegas!?'”

Ms. Tilson, who I would bet is on the winning side of some of Goldman’s derivative trades, is basically saying that what Smith said in his Op Ed is not news because everyone knows that Goldman is profit-driven “sometimes at the expense of the client.” I actually like her comparison, but would rephrase it to say, “Prostitution in Vegas, or prostitution on Wall Street… who cares?” The arrogance of Wall Street bankers to say everyone knows that it is profit at the clients’ expense, should tell us much about their culture! It should tell us even more that they find it OK to flaunt it.

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