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Why I'm leaving GOLDman Sachs

Baconwfu said:
No, he's saying he finds it despicable that the culture of Goldman isn't about making money the right way. I agree with him, as mighty as GS might seem, the practice of screwing over your clients never wins out in the long run.
I believe the model many investment banks make their money from is going to have to be broken at some point....there is just too much reward for next to no risk.
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I get it, and the events of the past few years have done a good job of shining some light on this culture. But this particular article smacks of an attention whore who got slighted for the first time in his life and can't deal with it like a grownup so he masks his inferiority complex by basically reprinting his resume in the NYT.
 
Hard to disagree with what he' talking about here. I'd imagine pretty much every huge corporation dealing with finance functions this way at the management level. All they do is look at numbers all day, worrying about the bottom line and the pressure they get from their superiors.
 
Baconwfu said:
No, he's saying he finds it despicable that the culture of Goldman isn't about making money the right way. I agree with him, as mighty as GS might seem, the practice of screwing over your clients never wins out in the long run.
I believe the model many investment banks make their money from is going to have to be broken at some point....there is just too much reward for next to no risk.
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http://www.nytimes.com/2012/02/19/y...that-is-customer-friendly.html?pagewanted=all
 
I think the biggest difference between GS now and when this guy started is that 12 years ago GS was just one of several large, well-known ibanks (Lehman, Bear Sterns, and before that Salomon Brothers and Drexel). Through the credit crisis, GS survived and positioned itself as the top dog on the street. Goldman used their culture to differentiate itself from the pack a decade ago, but now that they're sitting on top of the pecking order (at least in the eyes of the general public), the culture and manner in which they can make money has changed as well.

Also:

 
"Despite Mr. Smith's seemingly lofty title, a person familiar with the matter said, he actually is a vice president, a position held by thousands of Goldman employees around the world. And Mr. Smith is the only employee in the derivatives business that he heads, this person said.

The circumstances of Mr. Smith's departure aren't entirely clear. When Goldman doled out annual bonuses earlier this year, Mr. Smith's small payment became a point of friction, according to people familiar with the matter. Mr. Smith hadn't previously voiced his concerns about Goldman to his managers, according to people familiar with the matter."

Sounds like this guy is a Grade A asshole who wanted to make a big deal of his resignation. And of course, the NY Times is always happy to oblige.
 
Rolfe said:
I get it, and the events of the past few years have done a good job of shining some light on this culture. But this particular article smacks of an attention whore who got slighted for the first time in his life and can't deal with it like a grownup so he masks his inferiority complex by basically reprinting his resume in the NYT.
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It may be a little attention whory...I'll agree to that.
But assuming what he says is true, and from what I know (which I'll admit is limited, but not inconsequential) it's at least somewhat true I can't necessarily fault him.
I didn't necessarily read it as he got slighted, but maybe he did. If that's the case then I look at this a different way, but it seems like he was doing fairly well and just had had enough....maybe that's a little idealistic of me to think that way though
 
Can someone fill me in on the progression of promotions in investment banking?

Associate-Senior Associate-Vice President-Executive Director-Managing Director-???

Is that correct?
 
Analyst -> Associate -> VP -> Director -> MD -> some places have Executive MDs, some also have Partners
 
Why I’m quitting Tobacco

Recently my advertising agency ended a long relationship with Lucky Strike cigarettes, and I’m relieved.

For over 25 years we devoted ourselves to peddling a product for which good work is irrelevant, because people can’t stop themselves from buying it. A product that never improves, that causes illness, and makes people unhappy. But there was money in it. A lot of money. In fact, our entire business depended on it. We knew it wasn’t good for us, but we couldn’t stop.

And then, when Lucky Strike moved their business elsewhere, I realized, here was my chance to be someone who could sleep at night, because I know what I’m selling doesn’t kill my customers.

So as of today, Sterling Cooper Draper Price will no longer take tobacco accounts. We know it’s going to be hard. If you’re interested in cigarette work, here’s a list of agencies that do it well: BBDO, Leo Burnett, McCann Erickson, Cutler Gleason & Chaough, and Benton & Bowles.

As for us, we welcome all other business because we’re certain that our best work is still ahead of us.

Sincerely,
Donald F. Draper
Creative Director
Sterling Cooper Draper Pryce
 
Season 5 starts next Sunday. I need to rewatch Season 4.
 
All Goldman employees a are reading is that there is a new opening with the firm.
 
Google... philanthropy at its finest, amirite?
 
buckets said:
Google... philanthropy at its finest, amirite?
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Please don't confuse "adding value to society' with 'philanthropy'. It's one thing to manipulate the gini coefficient to make billions, it's another thing to make billions by developing products that a billion people use.
 
What would we do without Google+ and Wave?!?!?!
 
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