Goldman Sachs Dips Toe In Sacrilegious Waters

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We're told that Goldman has notified the vendor that has catered its holiday party for the last several years that its services will not be necessary in '08. Obviously we're holding out hope that this means nothing, and is merely a matter of a Lloyd Blankfein feeling the staff wasn't up to the task of executing his vision for the evening ("a giant '85 Broad' made out of mozzarella sticks," his app of choice), but we'd be lying if we said we weren't absolutely terrified GS is going the way of the other artist formerly known as an investment bank (as well at Barclays, Lazard, etc).

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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: