by Susie
An executive director resigns with a public letter. Let the howls of outraged bankers with hurt fee-fees begin!
Today, many of these leaders display a Goldman Sachs culture quotient of exactly zero percent. I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.
It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.
“when the class struggle nears its decisive hour…….a small section of the ruling class cuts itself adrift, and joins the revolutionary class….” Karl Marx. Be prepared.
Translation – he now has what he considers enough money to retire and doesn’t want to keep getting his hands dirty working, so he’s quitting and thinks this letter will clear his conscience. One thing to note – it’s just one step removed to rip people off on behalf of your clients instead of on behalf of the firm you work for. Either way…it’s just about the money.
Well said, Liz. This guy is no hero, and he doesn’t say much that hasn’t already been said by Matt Taibbi.