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Transcript

Problems/Issues Cont.

Goldman Sachs

  • Goldman Sachs is still evil, just ask Greg Smith, who left the firm after almost 12 years there.
  • Greg says " I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."
  • The clients are not the mot important to the firm. Greg states "the firm has veered so far from the place I joined right out of college that I can no longer in good conscience sat that I identify what it stands for."

Conclusion

References

  • To conclude, Goldman Sachs has the most astounding, internal culture of commitment and teamwork, of any organization in finance, in the history of the world.
  • The true problem with Goldman Sachs is you!
  • When will the people realize that Goldman Sachs is not into puttin the client's interest before its own?

Greg Smith

A Brief History of Goldman Sachs. (n.d.). Retrieved

October 9, 2015.

Feldman, L. (2012, July14). Goldman Sachs and the

$580 Million Black Hole, Retrieved October 7, 2015

Goldman Sachs. (n.d.). Retrieved September 30, 2015.

Lenzner R. (2011, March 10). Gus Levy: Don't Tell Me

What I Can Do. Retrieved October 9, 2015.

Smith, G. (2012, March 13). Why I am Leving Goldman

Sachs. Retrieved October 11, 2015.

Touryalai, H. (2012, March 14). The Real Problem At

Goldman Sachs? You, The Muppet Client, Retrieved October 2, 2015.

About Goldman

Problems/Issues

  • It turns out the real problem with Goldman Sachs is you, the client.
  • Anyone paying attention to Wall Street can see that Goldman is in it for the money first.
  • So it seems the problem is the foolish investing public.
  • After Goldman lured its clients into billions of dollars worth of bad deals, just shows you who Goldman is.
  • It is time for people to realize what many of these companies on Wall Street are about and who to trust their money with.
  • Goldman Sachs is a leading global investment banking, investment management, and securities firm that delivers a broad range of financial services to diverse clients.
  • Goldman Sachs reports their activities in four business segments, investment banking, institutional client services, investing & lending, and investment management.
  • While Goldman believes in progress, things can happen to not allow a company to progress, maybe the company is corrupt. Every company faces problems or issues.

Bank Crisis of 2007-2008

History

Dragon Systems and Lernout & Hauspie

  • In the 1980s it was impressive for a business school student to be hired by Goldman Sachs, it was the ultimate accomplishment.
  • All the way up to the 1990s, Goldman's reputation was very good, they were thought to be able to outperform everyone else.
  • Some say Goldman misled their investors and profited from the collapse of the mortgage market.
  • The senate's permanent subcommittee on investigations and Goldman's highest ranking executives were confronted about whether the firm profited at the expense of its own clients.
  • Goldman's rise of power didn't begin with its founding by Marcus Goldman, but with a high school dropout from Brooklyn, named Sydney Weinberg.
  • Weinberg became the biggest man on Wall Street. As Goldman Sachs senior partner, Weinberg masterminded the largest stock offering in history.

Here is where we begin to see Goldman's true colors

  • Before the bank crisis, Goldman Sachs sale of Dragon Systems to Lernout & Hauspie was the deal from hell.
  • James and Janet Baker are the couple that spent a long time building Dragon, a high-flying technology company.
  • They turned to Goldman for financial advice.
  • In the end Goldman collected millions of dollars in fees and the Bakers lost everything.

Lernout & Hauspie

Janet & James Baker

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