It is very hard, if not actually impossible not to laugh out loud (or as the spear-carrying, bone through their nose, initialism-addicted natives might say LOL) all the way through this New York Times piece by a Goldman Sachs executive director who is using an op-ed as his farewell email to his former colleagues.
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.
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