Skip to main content

Waiting On The Good News From Goldman Sachs. Just Waiting.

  • Author:
  • Updated:

Despite erroneous reports to the contrary, Goldman Sachs's new partner managing directors will not be announced today. Yes, this is disappointing. BUT. Because we know we've got at least 24 hours until the big list comes out, we'd like to take this opportunity to make a last minute plea to whoever is in charge of orchestrating the event that it be rung in with ridiculous, almost embarrassingly crass fanfare. And I know you're going to object, citing "inappropriateness," given what we're going through, and the fact that there were a lot of issues last year surrounding the matter of how to put Lloyd Blankfein inside a cake to jump out of without suffocating the little guy, not to mention infighting amongst the team contracted to fashion the full body suit he wore during the launch, with respect to whether or not flesh colored fabric made the CEO look too much like a penis. But I'm going to ask you to put all those reservations and old wounds aside, because now, more than ever, we need hoopla.
Here's the rub: we're always excited about masters of the universe becoming that much more masterful, and we don't even stand to benefit from the distinction. Something just feels a little more somber this time around. I can't quite put my finger on exactly what the source of the overwhelming sadness permeating the DB HQs is but I can tell you it's bad. And I just feel like now is the time for Goldman to go over the top with this one. It's not going to make anyone who doesn't work at GS, or work at GS in the capacity of PMD feel better, but it'll make things as they should be. I don't want to tell you how to run things but I'm just saying that if the names happened to be announced via one of those airplanes that writes stuff in the sky, and first year analysts were tasked with shooting PMD t-shirts out of those guns they use at sporting events, it wouldn't be such a bad thing. Also, think about confetti, and piñatas. At the very least, the fact that you're not being named partners of Golditi Group is cause for celebration.


The CFA Institute Has Good News And Less Good News

Brace yourselves, would-be chartered financial analysts.

Goldman Sachs Can Fix This

A week ago today, a man named Greg Smith resigned from Goldman Sachs. As a sort of exit interview, Smith explained his reasons for departing the firm in a New York Times Op-Ed entitled "Why I Am Leaving Goldman Sachs." The equity derivatives VP wrote that Goldman had "veered so far from the place I joined right out of college that I can no longer in good conscience say I identify with what it stands for." Smith went on to note that whereas the Goldman of today is "just about making money," the Goldman he knew as a young pup "revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients." It was a culture that made him "love working for the firm" and its absence had stripped him of "pride and belief" he once held in the place. While claiming that Goldman Sachs has become virtually unrecognizable from the institution founded by Marcus (Goldman) and Samuel (Sachs), which put clients ahead of its own interests, is hardly a new argument, there was something about Smith's words that gave readers a moment's pause. He was so deeply distraught over the differences between the Goldman of 2012 and the Goldman of 2000 (when he was hired) that suggested...more. That he'd seen things. Things that had made an imprint on his soul. Things that he couldn't forget. Things that he held up in his heart for how Goldman should be and things that made it all the more difficult to ignore when it failed to live up to that ideal. Things like this: