"Cry for New York?" Hardly. The New York of Schumer and Hilary? Cuomo and Bloomberg? I think not. To paraphrase another NY instituation, SNL, what comes to mind is: "Nicole you ignorant sl..!"
This is a direct result of the unholy alliance between Wall Street and the Federal government that started to grow exponentially under Clinton (bailing them out of their bad investments overseas) and continued under Bush W. when he was unable to reform Fannie Mae and Freddie Mac as well as instituting regs (e. g. Sarbabnes Oxley) that favored the big Wall street firms over smaller companies. Add to that the CRA and the beginning of "too big to fail" under reagan and you have a toxic mix.
@Howard: "Greg Smith has revealed the startling fact that a brokerage house is in business to make as much money as possible!"
No, that's a clear mis-representation of Smith's main point: It's not that GS is in business to make money; it's the way that they've been doing it.
(Or maybe, since the end of Glass-Steagall, the way that they -- and others -- have chosen to make money is not really a revelation, either.)
They call customers muppets in London, I can only imagine what they call them in NY office where the culture is cruder. That they are supposed to make as much money as possible is a given, but the bargain was you help me make money and I share it with you - when your customer is the chump, the one you make it off of to his detriment, things get perverse. Is this new, no- is it worse - possibly.
Greg Smith is a dog-bites-man story that the antibusiness media lapped up. The "story" had no impact on Goldman, which is up by $33 this year. The problem here is not Wall Street, it is the NY Times which hates the engine which drives New York city and state. The good news: The NYT is steadily going broke.
Goldman Sachs.... brings light and life to the dark legends of soul eaters and vampires attached to the jugular vein of their victim.
Sadly they do exist and they are wall street.
I never cease to be amazed at the things I continue to learn, even at my advanced age. Greg Smith has revealed the startling fact that a brokerage house is in business to make as much money as possible! Who would have ever guessed that a billion dollar financial powerhouse like Goldman Sachs got there by putting its own financial interests first? Or that commission salesmen (which stock brokers are, surprise, surprise) push their mark, excuse me, I mean their client, to purchase those investments that yield the greatest commission to the sales person.
I understand that Mr Smith is already working on his next magnum opus. He is deeply into research mode, documenting every new discovery he has made and vetting each with a team of lawyers and retired FBI agents.
The tentative working title for Mr Smith's next work is "Greg Smith Discovers that the Pope is Catholic!"
The man is an investigative genius.
Wrong, wake up Nicole! The 'Blame the Bankers' routine aka OWS is a false me-me parroted by the ignorant mindless lefty's to deflect the blame from the true culprits, your local, state and federal crony governments!
it's unfortunate that these financial firms are so addicted to outrageous profits that they cannot act ethically and morally, in the interests of their CLIENTS....as they promise to do, rather than using their clients' money to bet on the markets recklessly, because of the potential for big profits.
if New York is addicted to the Wall street profit margins that used to obtain, then it's high time to go cold turkey. any city and state taxes from those profits were tainted, were like bloodmoney....money stolen from unwary clients who bought into worthless securitised derivatives, CDO's, etc.....all those bunches of cut up worthless mortgages, that Goldman Sachs KNEW were basically worthless (or even the ones that were fine but way overpriced for the value)...
any taxes obtained from these crooks is contaminated by the crimes and misery that they unleashed on the world. the top executives should be charged with fraud and grand theft, and locked up for a few centuries, to remind others to be a little more ethical with their clients' funds.
Don't you mean Sachs's -- not Sach's ?