They’ve reviewed the tapes and it appears an apology is in order. Read more »
Penn State Alums/Merrill Lynch Wealth Managers “Struggle” To Understand Why This Had To Happen To ThemBy Bess Levin
Two weeks back, former Penn State defensive coordinator Jerry Sandusky was charged with 40 counts of sexual abuse perpetrated against young boys, including an alleged incident in which Sandusky raped a 10 year-old in the shower. Since then, even more victims have come forward, and it’s been difficult to imagine how they’re coping, particularly when Sandusky will only admit to “enjoying” young people, with whom he claims he has only ever touched on the leg (though not with sexual intent), hugged, showered and just generally “horsed around.” Beyond the actual victims, which is to say, the people who were touched in highly inappropriate ways by a man 40 and 50 years their senior who was often times naked when doing so, we’ve also heard about the aftermath struggles of others affected (in their minds) by the alleged crimes, such as Joe Paterno, the PSU undergrads for whom getting drunk and watching sports on a Saturday has been ruined!!! and the school store, where merchandising sales have taken a hit.
And yet there is another group of people who, in the last couple weeks, have been overlooked. People who’ve had their entire worlds turned upside down. People for whom we should consider saying a prayer. Naturally, we speak of the legion of Merrill Lynch brokers who graduated from Penn State in the last several decades. How are they holding up? Barely hanging on by a thread here, is how. Read more »
In case you missed it, here’s Lloyd Blankfein’s first extended television interview in, well, we can’t remember how long. Goldman has long been a firm that refused to answer most journalists’ questions and usually gave a “no comment” to interview requests, even the most innocuous ones.
But, as Lloyd told Charlie Rose on Friday, the firm is doing some “soul searching.” He conceded the firm’s longstanding strategy of not engaging with the public was “probably a mistake.” (Secretive hedge funds take note.) That strategy sowed a misunderstanding among the public at large about what the firm actually does, he said. Read more »