|Fig. 1 – For the unsuspecting, “L” means “Loser.” Source: www.selfdeprecate.com|
|Fig. 2 – Greg Smith resigned from Goldman Sachs today. He was executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. Mr. Smith’s The New York Times op-ed contains disturbing allegations of impropriety. Source: The New York Times, Mar. 14, 2012.|
Goldman Sachs has made a multiple billion dollar private market in Facebook insider stock over the last two years. They’ve bent over double Facebook’s 500-shareholder SEC exemption. They’re intimately involved in the underwriting of the coming Facebook public offering while simultaneously being a major stockholder in DST-Moscow that may hold more than 20% of Facebook’s stock as a result of Goldman’s insider market-making. Given the lack of S-1 disclosure already uncovered regarding Leader v. Facebook, what else are us “muppets” NOT being told? For the unsuspecting, the “L” sign in this Fig. 1 cartoon means “Loser.”
I have tried to contact Goldman Sach’s departing executive Greg Smith via, ironically, his Facebook page. I also sent messages to his friends. I was hoping that the mention of DST, Leader v. Facebook, Accel Partners etc., would entice a response. So far nothing. See Greg Smith. “Why I Am Leaving Goldman Sachs.” The New York Times, Mar. 14, 2012.
I did speak with a few Wall Street colleagues of mine that said the article was “not surprising” and that attempts to get more information about Smith and the scope of his job description were impossible to obtain. It’s as if “the firm is in lockdown,” said one source.
Could the conduct mentioned above be some of the reasons Greg Smith went public with his criticisms?
Time will tell.
- Robert Teitelman. “Greg Smith Goes Rogue on Goldman Sachs.” The Huffington Post, Mar. 14, 2012.
- Jena McGregor. “Goldman Sachs, Greg Smith and the fantasy job exit.” The Washington Post, Mar. 14, 2012.
- Alexandra Petri. “Why I am joining Goldman Sachs.” The Washington Post, Mar. 14, 2012.
- Jennifer Rubin. “Breaking up with Goldman Sachs.” The Washington Post, Mar. 14, 2012.
- Kurt Badenhausen. “Greg Smith Doesn’t Like Goldman Sachs, But MBAs Still Do.” Forbes, Mar. 14, 2012.
- Eric Owles. “Reacting to Goldman Executive’s Resignation Letter.” DealB%k, Mar. 14, 2012.
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