The Goldman Death Rattles
The Greg Smith op-ed in Wednesday's New York Times, that excoriating farewell letter by a now-former Goldman Sachs (GS) employee, has rocked Wall Street. It is one thing to be called a "vampire squid" by a snarky young reporter from Rolling Stone magazine looking to make a name for himself, and quite another to be called out by a senior executive inside the London office as he heads out the door. But can Smith's letter give us any insight into the future of the big investment banks? What should you be doing with these stocks?
Anyone who has ever traded either with or against Goldman Sachs in any derivative market, as I have done, will say that Smith's moral disgust at the firm's mercenary business practices is honest. Both CEO Lloyd Blankfein and COO Gary Cohn started out as traders. Cohn spent his early years, during the 1990s, building the Goldman Sachs oil commodity business and sat on the board of the New York Mercantile Exchange, where I roamed the floors during my career....479 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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