onac911:
AVENGERS ASSEMBLE!!
haha :P XD
“When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.
Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.
How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.
What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.
Today, many of these leaders display a Goldman Sachs culture quotient of exactly zero percent. I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.
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.
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.
These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen. ”
Former Goldman Sachs managing director GREG SMITH, from his op-ed / resignation letter in today New York Times. (via inothernews)
“Doin’ my proj.for Tech. Liv. and Eco.”
patxi:
Tanginang yan! Hahahahaha! New coolness meter guys.
Whuahahaha…what’the???
eatsleepdraw:
Sketches from my DEVIL EATR Sketch Book.
Rainy Days in LA.
Enjoy what my mind has created and share you thoughts.
NAME THEM ALL !!!!!!!
GAME ?!
Who’s Who ?????
~wHrUahaHahaHAhahAHA
XDahahah
During the ENGLISH LANGUAGE FESTIVAL ..
Surely had a great time ..
The competence is on the top level!
Way t’go !!!
inothernews:
I normally can’t stand Lebron James, but this alley-oop slam over John Lucas of the Chicago Bulls during a game Sunday is pretty freakin’ amazing.
awesome!!!!!!!!
A PSALM OF LIFE
Henry Wadsworth Longfellow (1807-1882)
WHAT THE HEART OF THE YOUNG MAN
SAID TO THE PSALMIST
TELL me not, in mournful numbers,
Life is but an empty dream ! —
For the soul is dead that slumbers,
And things are not what they seem.
Life is real ! Life is earnest!
And the grave is not its goal ;
Dust thou art, to dust returnest,
Was not spoken of the soul.
Not enjoyment, and not sorrow,
Is our destined end or way ;
But to act, that each to-morrow
Find us farther than to-day.
Art is long, and Time is fleeting,
And our hearts, though stout and brave,
Still, like muffled drums, are beating
Funeral marches to the grave.
In the world’s broad field of battle,
In the bivouac of Life,
Be not like dumb, driven cattle !
Be a hero in the strife !
Trust no Future, howe’er pleasant !
Let the dead Past bury its dead !
Act,— act in the living Present !
Heart within, and God o’erhead !
Lives of great men all remind us
We can make our lives sublime,
And, departing, leave behind us
Footprints on the sands of time ;
Footprints, that perhaps another,
Sailing o’er life’s solemn main,
A forlorn and shipwrecked brother,
Seeing, shall take heart again.
Let us, then, be up and doing,
With a heart for any fate ;
Still achieving, still pursuing,
Learn to labor and to wait.
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