|
| 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.
Related articles:
- 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.
* * *
{ 6 } Comments
It would appear from what Mr. Smith has reflected upon, that Goldman Sachs and Facebook would in fact make wonderful bed partners, sadly. What has happened to the ethics of our business community? As for Facebooks IPO, who will be in the missionary position? Hum? Maybe us “muppets”?
LOSERS UNITE!!!
Wall Street has not learned its lesson. Are we going to have to dismantle them? If we continue to rely on these immoral individuals… we’ll never get America turned around.
This is a little deep for me but from what I read Facebook has stepped out of bounds!
I read this article than proceeded to clean out my desk drawer and saw what my little girl had written for homework when she was 7. She said, and I quote, “Good people are people in our country that do the right thing”. How great a place this would be if we all followed that one simple rule.
I believe Mr. Smith had what they refer to as an epiphany. He looked in his “mirror” at work and did not like his surroundings any longer. We’ve all gone through this same thing, in some form or another, and I applaud (him) for sticking to his ethics. Just like home, work is where you hang your hat; and if the coat rack is tainted with greed and immoral activity, it’s time to hang your hat elsewhere. Facebook is such a place that the “coat rack” is corrupt with shady characters and questionable legal-activities, and when Goldman-Sachs decided to sleep with the Devil, Mr. Smith called upon his better angels and ran for moral high ground…good for him! I wish more people, and they know who they are(Mark and his lawyers), would take his lead and do the right thing
So, was this pending verdict discussed in today`s FB analyst meeting ? Does anyone else see the potential of a “huge” loss to the venture boys from CA and the “investors” from Russia, ? Did Goldman opine ? Did Fenwick opine ? Anybody ? Anybody ?
Post a Comment