Over the weekend, the NYT magazine ran a Q&A with Abby Joseph Cohen, president of the Global Markets group and senior investment strategist at Goldman Sachs. In the last two years, Goldman brass has been subject to more than its fair-share of grilling by the press. Some of the interviews have been reasonable- for instance, it’s not entirely out of bounds to ask for a high-ranking bank executive’s thoughts on the 2008 crisis- others the stuff of misinformed hacks who see it as their duty to wage a vendetta for the bloodthirsty public who want to blame everything on the financial community without taking any blame themselves. None have been as uncomfortable, hostile or delightfully awkward as Deborah Solomon’s “Questions” with AJC. From Solomon’s typically antagonistic and I don’t want to call them kind of bitchy but okay, kind of bitchy questions to Cohen seemingly, amazingly, being entirely caught off-guard by the fact that someone from the NYT would ask her, a GS employee, about the crisis, and her almost complete inability to adapt to a more adversarial line of questioning than she was expecting despite having unquestionably been through some media training, this thing was so delightfully car-wreck you can’t look away from-esque that few things could top it, except maybe seeing Lloyd Blankfein and his wife having a drawn out argument in front of Williams Sonoma about whether or not he’s allowed to go to his nephew’s bachelor party.
Everything starts off fine, with business about a lack of women in the senior ranks on Wall Street. JoCo answers the question as anyone probably would, by not really answering it at all because having a vagina does not necessarily make you an authority on why it’s harder for women to obtain/maintain senior roles, or mean you know how to solve the problem, or mean you even care because some people don’t. Remembering what she was there for- detonating a bomb that explodes not once but multiple times- and probably realizing she had a limited amount of time, Solomon gets right into the good stuff.
Do you have a Facebook page?
No, I don’t. I don’t think we should talk about this. No one here is supposed to be talking about Facebook.
Do you mean the fact that Goldman Sachs basically committed securities fraud, Solomon wonders?
You’re referring to the fact that Goldman Sachs just withdrew its offer to American clients to sell shares of Facebook, which could violate all kinds of rules.
I can’t comment.
Fair enough, Solomon figures, and moves onto a new topic on which she has not yet formed an opinion– is it unethical and likely even criminal that your boss makes millions and if yes how do you justify his paycheck when he provides little to nothing to society?
Do you think it’s ethically justifiable that certain bankers earn $50 million or $60 million a year at a time when unemployment is nearly 10 percent and income inequality is widening in this country?
The income inequality that you refer to is apparent in many different places. You see it in athletics; you see it in entertainment; you see it in your industry as well. You take a look at the compensation of C.E.O.’s of major corporations, recognizing that those corporations have become much larger —they do business in many different parts around the world — and it’s very difficult to know how to properly benchmark the compensation.You could say that entertainers at least provide entertainment, as opposed to a C.E.O. What is a C.E.O. contributing to society?
What about the C.E.O. of the New York Times Company?What about her? She’s contributing a newspaper to society, which presumably keeps the American public better informed. It has been widely observed that the financial-services industry is not creating a product in the tangible sense.
It’s unfortunate that — I think that there is not a good understanding as to the role of financial intermediaries. For example, without banks it’s hard to see how businesses would get the money they need to grow and to hire new workers. Let’s not lose track of the fact that most people need to borrow in order to buy a home, and if you don’t have banks, that’s not going to happen.
A natural segue from here, practically anyone would agree, would be to ask the subject how it felt to get demoted. What it’s like to take orders from someone younger and more nimble. If it feels as though he/she is being slowly phased out.
In 2008, David Kostin replaced you as Goldman’s chief forecaster. Did you see that as a demotion?
Certainly not. It was a generational thing. I hired David several years earlier, and the idea was that David would move into the position.
Finally, let’s talk about the 2008 crisis. You may not have caused the entire thing with your own two hands, working late at night on it when everyone else had gone home but you didn’t personally do anything to stop it, is that right? And if yes, does that weigh on your conscience? And finally, how do you sleep at night?
Do you feel any responsibility for the economic meltdown of 2008, which you failed to foresee?
That’s an odd question to be asking me.Because?
I did not think that was part of what we were going to be talking about.We’re talking about your life; there was a big meltdown in 2008. I’m wondering, how do you deal with that emotionally?
I would say that the causes of the meltdown were multiple, and it is a mistake to point a finger at any one entity. And that these problems took place not just in the United States. This was a very unfortunate confluence, bad decisions made by many different entities.
The only thing that could have made this better is if it were a video interview and the questions were posed by Jiminy Glick.
These hack journalists are a disgrace to a noble profession, and reflect badly on the true professionals out there, guys like me, reporters who maintain the highest journalistic standards at all times.
- CG
AWKWARD!!!
wow
NY Times along with the rest of the CEO/banker bashers are retarded losers – prols. Go to North Korea to live under one great leader instead of CEO’s – most of these bashers would not know how to tie a shoe without being told how to by their superiors. Good lord, when is this going to end???
Solomon lady is probably trying to get back in the game after suffering a huge embaracement with 92 Y Steve Martin interview gone to shit and her being asked to leave and never to come back or some such!
So, have you been served yet?
the smugness of The Times is unmatched — i love it. unfortunately i don’t know anyone who has the…time…to read such a verbose newspaper.
- times digest reader
the smugness of The Times is unmatched — i love it. unfortunately i don’t know anyone who has the…time…to read such a verbose newspaper.
- times digest reader
2 things.
1. DS’s questions have always been like this, so no.
2. what’s an ‘embaracement’?
2 things.
1. DS’s questions have always been like this, so no.
2. what’s an ‘embaracement’?
The back and forth above with AJC reminds me of the scene in “Goldfinger” last night where Bond is being driven back to Goldfinger’s compound and a nice old grandmotherly lady raises the gate to the compound and sort of flirts with Bond then… moments later as Bond is trying to escape… the old lady is firing a machine gun at him.
I wonder if GS gives their people Media Training before they throw them in front of a microphone.
- Guest who will likely never see the inside of GS
embarrassment
someone as high up as AJC would have definitely had media training (this wasn’t her first interview), which makes this all the more baffling/awesome.
A video would have been better. There was nothing like the sight of those shapely calves making their way onto the set at WSW.
Now the thought of JoCo’s vagina is going to be stuck in my head all day.
Thanks Bess
I find it funny that the reporter tries to justify the fairly substantial compensation that the CEO of the NYTimes receives as being okay because they contribute a newspaper to society. This is the same company that has been on the decline, both in terms of profitability AND in terms of journalistic integrity/talent/capability, for years. Moreover, the NYTimes isn’t exactly best-of-breed corporate governance, at least in terms of the structure of its company equity.
CEOs get paid more, it’s that simple. Part of this is a feedback loop from other CEO pay going up. Quibbling over the nobility of the profession is idiotic because at the end of the day, most public corporations try and find as many loopholes as possible to make themselves more profitable, and the NYTimes is no different. For all their “transparency” and “informing people”, their 10k’s and 10q’s are still just as full of footnotes as every other public company out there.
Jesus Christ, does JNCO make her pantsuits?
Not obscure for someone who was in high school for that unfortunate period of time/stylistic choices. $5 says she has a tshirt explaining what a playa’ do
SHE’S A MAN BABY!
Those tits never get . . . oh, wait. Yes they do.
Like many of a previous generation, these people JUST DON’T GET IT. They, though certainly not alone, helped cause and certainly exacerbated the meltdown. Like the Republican Party they will go to their graves in denial. Get out your shovels.
Like many of a previous generation, these people JUST DON’T GET IT. They, though certainly not alone, helped cause and certainly exacerbated the meltdown. Like the Republican Party they will go to their graves in denial. Get out your shovels.
Yes, because generalizing one vindictive interviewer as a representative of an entire news outlet is logically valid. Might I suggest you remove the belt wrapped around your neck while you beat yourself senseless since it’s cutting off oxygen to your brain.
-Guy who is a fan of NYT but knows the difference between a vindictive interview and a media outlet.
Yes, because generalizing one vindictive interviewer as a representative of an entire news outlet is logically valid. Might I suggest you remove the belt wrapped around your neck while you beat yourself senseless since it’s cutting off oxygen to your brain.
-Guy who is a fan of NYT but knows the difference between a vindictive interview and a media outlet.
Yes, because generalizing one vindictive interviewer as a representative of an entire news outlet is logically valid. Might I suggest you remove the belt wrapped around your neck while you beat yourself senseless since it’s cutting off oxygen to your brain.
-Guy who is a fan of NYT but knows the difference between a vindictive interview and a media outlet.
Now that is just pure sex. Pure sex in a suit I tells ya!
She returned to GS hq, proceeded to Blankfein’s bunkered office, and body-slammed him for putting her through that. Then she sat on his face with those ample hips until he passed out. True story.
She returned to GS hq, proceeded to Blankfein’s bunkered office, and body-slammed him for putting her through that. Then she sat on his face with those ample hips until he passed out. True story.
Would you rather your head was stuck in it?
By the way, only Hillary can pull off a pants suit with such grace and style.
Would you rather your head was stuck in it?
By the way, only Hillary can pull off a pants suit with such grace and style.
umm, i read The Times Digest 365 days a year, the Sunday Times on occasion. therefore, im not characterizing the newspaper based off of this one interview. most readers, even most ny times employees, would agree that the paper is smug. i don’t think that was an insult, it’s actually appreciated.
so, i suggest you calm down, ace.
umm, i read The Times Digest 365 days a year, the Sunday Times on occasion. therefore, im not characterizing the newspaper based off of this one interview. most readers, even most ny times employees, would agree that the paper is smug. i don’t think that was an insult, it’s actually appreciated.
so, i suggest you calm down, ace.
Did she eat a lot of paint chips as a kid?
If you get out your shovel, you’ll have to put down the torch and pitchfork for a moment. That could prove quite a quandary for you – good luck!
If you get out your shovel, you’ll have to put down the torch and pitchfork for a moment. That could prove quite a quandary for you – good luck!
Pics or it didn’t happen.
On second thought, never mind.
Pics or it didn’t happen.
On second thought, never mind.
Pics or it didn’t happen.
On second thought, never mind.
So nice to hear from someone who GETS IT. Thanks for weighing in.
You seem like the sort who know the answer to this:
Where’s the best place around here to buy some patchouli and a yurt?
co-signed.
Janet’s is the CEO of (whether you think so or not) one of the most respected newspapers in the world and has a $1mm annual salary.
Of course CEOs get paid more, that’s not the root of the malcontents’ anger – how much more is the problem. You guys sound ridiculous when you attempt to justify these bloodsuckers’ compensation.
taking a funny quote and using it on a story in which it has no relevance (the line was used on TB b/c he’s an idiot– these women come off as many things in this interview but idiots isn’t one of them) is the new killing it.
Thunder thighs.
Thunder thighs.
This interview is sponsored, in part, by Jones New York.
This interview is sponsored, in part, by Jones New York.
I think Abby looks great and did a fine job answering tough questions about politically charged subject matter from a journalist that has held her position for far too long and should clearly resign and step down imediately.
and you sound ridiculous when you use the term ‘bloodsucker.’
yer bias, it’s showing.
Times Digest is like getting a handjob. Man up like a big boy and read the full paper.
“The income inequality that you refer to is apparent in many different places. You see it in athletics”
You do? Are we counting Little League here?
only a video would have made this more interesting!
people who actually read The Times don’t call hand relief a “handjob,” it’s called an old fashion, chap. you’re a fraud.
Certainly a hard working brilliant woman Mrs Cohen is…but at the end of the day it is a powerful show that there is a lot of hot air which keeps the financial industry going. And I am not talking about the credit dept where they provide money for real companies with real work and with people leaving in reality without a 50 mio USD paycheck. And Mrs Cohen, I may remember her predictions about endles stockmarket growth, is a vital part and symbol of all that useless hot air . Great interview. AJ C., Austria
it ends in tears?
Post sucked but i laughed at your user name
Why does she have two first names? And why is one of those a man’s?
Why does she have two first names? And why is one of those a man’s?
he meant it’s because he has to do it himself.
like always. (www.sadtrombone.com)
She comes from an illustrious line. Her brother, Fred Joseph, pushed Drexel into its grave.
one question I would like to have seen in this interview is: you are right about market direction less than 20% of the time, you are always bullish to the point of absurdity..so what, besides your ability to recite trite phrases about finance and your degrees, separates your professional ability from that of a monkey in a pants suit?
Listen sir, don’t correct me in my preference for sexual favor names. I don’t correct you on what brand of chocolate to use when you take a bath with boyscouts.
sorry, meant to sign that.
-LB
90% of facts are made up 50% of the time
http://www.nytimes.com/2009/12/01/business/01joseph.html
I love that it says “this interview has been condensed and EDITED” on the bottom.
van Praag was in the hospital. somebody punched him in the face…. you know where…
What is it supposed to snow AGAIN???
-ex-BSC risk manager
What is it supposed to snow AGAIN???
-ex-BSC risk manager
What is it supposed to snow AGAIN???
-ex-BSC risk manager
Got to think that A-Rod’s annual comp probably equates to many multiples of the entire payroll of some teams in the Carolina League… so that particular comparison isnt that outlandish IMHO.
So “bloodsuckers” should not make a lot of money. Fair enough.
Now, who exactly gets to decide who is and is not a bloodsucker? Me? OK, fine– to quote Shakespeare, first thing we do let’s kill all the lawyers.
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
In 2006, NBC television host Tim Russert, who was interviewed by Solomon for her “Questions For” column, publicly accused her of distorting his comments. The interview was scheduled for Mother’s Day, and, in the published version, Solomon repeatedly asks Russert to describe memories of his mother, only to have Russert evade her and talk about other topics. Russert charged, in a letter to the editor, that Solomon failed to include his comments about his mother and made him sound disloyal to her.
In 2007, The New York Times Public Editor Clark Hoyt recommended that the Times run a disclaimer indicating the “Questions For” column is edited down from a much longer text. Each column now says at the bottom, “Interview has been condensed and edited.”[4]
http://en.wikipedia.org/wiki/Deborah_Solomon
That’s interesting – thanks for that. I worked with a guy who lost a fortune in stock when Drexel went under and he used to go nuts whenever AJC came on CNBC because he thought she was his sister.. Wow, his hatred for Fred was biblical in scope.
I’m not attempting to justify compensation, I am pointing out the hypocrisy of the interviewer. A $1mm annual salary is still 20x the median income of someone with a Bachelor’s degree ($50k) and 40x the salary of the top range of the bottom 50% of America ($25k).
I would also point out that the vast majority of CEO compensation comes in the form of bonuses, stock, and option grants. Janet Robinson oversees a company that routinely sees declines in its revenue stream and circulation (6% decline in advertising revenue. Now thankfully it turns out that the internet is on computers now, and Forbes is kind enough to break down her 2009 TOTAL COMP (emphasis to point out that you’re an idiot who didn’t do any real research)
Salary: $962,500
Bonus: $0
Restricted Stock Awards: $181,250
All other comp: $31,693
Option awards: $1,435,750
Non-equity incentive plan compensation: $2,253,750
Change in pension value and nonqualified deferred comp: $1,397,812
So yes, her base salary was under $1 million. But her total comp in 2009 was $6,262,755, which means she got a bonus of over $5.2 million, or 626.3% of her base salary. Not bad for a company that has gone from almost $52 a share to $10.18 a share as of 1:30PM today. And if you want to talk about recent performance, NYT is down 64% for the trailing 5 year period and 21% for the trailing 1 year.
At least Goldman has made money.
I didn’t think there was anything you could say to increase the level of contempt for you here, but admitting to be a fan of the NYT definitely does it
I prefer to leave out reality, myself.
When the S&P hits 1450 later this year, every man woman and child will be as rich as a CEO, and we won’t have to repeat these pointless conversations.
Abby J.C.
When the S&P hits 1450 later this year, every man woman and child will be as rich as a CEO, and we won’t have to repeat these pointless conversations.
Abby J.C.
Low A-ball guys are close to food stamps. Once you hit AA you’re paid enough to be considered middle class in most areas of the country. AAA is when you’re consistently north of 100k (unless you’re on the 40-man roster, in which case you’re paid ML min). ML min is 350-400k (last I checked, might be higher now). ML Average is around 3m/yr, all-stars 10m+, very top guys like A-rod (and soon to be Pujols) get 25-30. Permaguest understates the disparity- Arod not only gets paid more than entire teams in the Carolina league, he gets paid more than the entire league comined. 8 teams * 30 players/team * 50k/player (being generous) = 12m/year
Pro sports (baseball at least) has a greater pay disparity than do ibanks or pretty much any publicly traded corporation. Football/baseketball get away with less skewed numbers because their minor leaguers labor under the NCAA fiction that they are “amateur atheletes”
Low A-ball guys are close to food stamps. Once you hit AA you’re paid enough to be considered middle class in most areas of the country. AAA is when you’re consistently north of 100k (unless you’re on the 40-man roster, in which case you’re paid ML min). ML min is 350-400k (last I checked, might be higher now). ML Average is around 3m/yr, all-stars 10m+, very top guys like A-rod (and soon to be Pujols) get 25-30. Permaguest understates the disparity- Arod not only gets paid more than entire teams in the Carolina league, he gets paid more than the entire league comined. 8 teams * 30 players/team * 50k/player (being generous) = 12m/year
Pro sports (baseball at least) has a greater pay disparity than do ibanks or pretty much any publicly traded corporation. Football/baseketball get away with less skewed numbers because their minor leaguers labor under the NCAA fiction that they are “amateur atheletes”
I am the CEO of a hedge fund. What is this “Goldman Sachs” you are all referring to?
She does not need to open her legs wide to open them wide. Just a thought.
Much as I been hatin on the Times with increasing vigor since they lost William Safire and hired the odious Prof. Krugman, I gotta go with the paper of record here. Abbey Jo does not do either her firm or her gender any particular favors when she agrees to an interview and then gets offended by a question set which was arguably benign.
Maybe Abbey would have preferred DS as her for dating tips or a crumb cake recipe. Or to respond modestly but gushingly by an interviewer raving about her brains and accomplishments in this arena. Sorry, no dice.
Would you like to break stories, influence ideas, and advance business intelligence and cultural interest. We expose the events that turn markets, the digital breakthroughs that transform art, the demand that drives invention.
- j robinson
NYT – they stil have Duranty’s Pulitzer in the display case. ’nuff said.
not anymore
This analysis makes entirely too much sense for a rabble rouser to understand. Try less numbers and more name calling.
as was pointed out in the post, BOTH women come off badly.
The Haircut says, “Charlie Bucket enters a whole new era”, but the Clogs say “Augustus Gloop still runs this factory”. . .
Panties, my friend. Panties.
Well I know this: you can suck my fucking cock mammy rammer.
Fuck you you useless cunt. I’ll put my pitchfork up your faggot ass.
This is crazy: american business people are used to being danced around by the press: there is nothing odd in this interview for a person from Europe. Overpaid GS employees are just too removed from the real problems of life. Guys, see what happened to Mubarak, think that 10% unemployement rate and culture of overcompensation does not affect you?
Yes american reporter have no idea how to form an argument here. Of course CEOs are usefull, just as PR people or president Obama is useful — the question is really: do you need to pay a CEO 60M to make him useful or is say 2M millions enough or is 500K enough? Or if you can afford mr R for 60M but Mr K for 2M — is Mr R’s performance is really 58M better?? Perhaps you’d be better off by hiring Mr R and Mr r etc to do the same job?
Research shows, that there is no influence that further increases in salary have on performance. Research also shows, that the impact of CEOs on the performance of the company is rather negligible: when economic times are good all companies perform well, when they are bad its the other way around. So why tf throw aways shareholders money an create a more unequal and thus volatile society??
So you saying greed and deception are good? What these banks are doing is slavery.Lookup “Rothchild’s system of banking”.Open your eyes and see.
People we will very soon see the death of capitalism and greed and I hope soon the death of Rothchild’s system of banking.
There is absolutely no justification for $50 or $60 mil salary’s when the middle and low level class is paying and helping those banks out of the poop they have put them self’s in.
The funny thing is, not many of whom who has commented above saying “I helped pay for the bankers salary and employment”, “what is he/she is going to help my country’s economic growth and prosperity?”
what’s wrong with getting a handjob? certainly better than giving one, which is what reading a full issue of NYTimes is like…
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