Goldman Sachs is a multinational investment firm that was one of the key players in the 2007-2008 subprime mortgage crisis. Recently, a former executive named Greg Smith wrote a lovely, brave, and scathing New York Times opinion piece lambasting their “toxic” and “destructive” corporate culture. The firm made financial bets on bad loans to make money. When the economy recently tanked into the worst recession since the great depression, American taxpayers bailed them out.
According to their website: “Goldman Sachs brings together people, capital and ideas together to help our clients and the communities we serve.” Yeah right. What does Goldman Sachs think of their investors, people, or citizens that pay their bills? They call them “muppets.”
According to Greg Smith in The New York Times: “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.” Isn’t this adding salt to the taxpayer’s wound? I think we should replace the word “gold” with “sh*t” and call Goldman Sachs: “Sh*tman Sachs” or even better “sh*t bags.” The Urban Dictionary defines sh*t bag as a phrase pertaining to a group of individuals with an inflated view of self worth. That fits.
Smith continued eloquently in his piece by saying: “Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer.”
However, I believe citizens a.k.a “muppets” shouldn’t have to wait to see if the culture at Goldman Sachs changes. As a result, the state of California is a big client for the firm. Let’s pull the plug on these corporations who bet against the American people and disrespect them. This abusive relationship needs to end.
If they don’t have our money, Goldman Sachs loses power and we control the strings. Sounds like a sound investment to me.