Morning Bloodbath


Just about everyone took it on the chin this morning, but, of course, the real schadenfreude story we know you care about is Goldman. Well, after hitting $49.00 a share earlier, they've managed to crawl their way up the slime pole again to around $53.00 per share. Right about now Buffett is explaining to some skittish investor somewhere that his investment in Goldman was for the long term, and, anyhow, he gets preferred dividends on his stock. Stick that in your pipe and smoke it, cause this is exactly the situation ole WB was thinking of when he gunned from those dividends.
Dead Cat Bounce after the jump.

$49.00 per share shows an entirely different form of pathetic for Goldman. It's below even their IPO price. *Whack*
Other financial have fared little better this morning. Citi hit $4.76 at one point. Morgan Stanley scraped the bottom of the $9.00 barrel before the worst was over, and we have the rest of the day to go still.
Jobless data is the current target of the blame game. That's as good an answer as any, we suppose.


Goldman Sachs Makes 266 People's Mornings

Unlike the life-changing partnership ritual that takes place every two years, the managing director promotions, announced today, are more of a light pat on the ass that says, you’re doing a pretty okay job so far, but don’t get cocky. You've graduated from VP (a title which is now, amazingly, described to the layman as "the level attained by the disgruntled former employee Greg Smith"), and that's something to be proud of, but stay hungry for the reach-around.

The Art Of The Farewell

Not everyone gets to write a New York Times Op-Ed when they quit their job, however disaffected. It’s also easier to quit a job after twelve years of cashing investment banking paychecks. No matter how “morally bankrupt” Goldman Sachs is, Greg Smith isn’t giving his bonuses back. Unlike Smith, who quit his job on his own terms and got to publish most of his resume in the Times, most of corporate America isn’t as lucky – and almost everyone in corporate America really wants to quit their job. So what are you supposed to do if you can’t get any above-the-fold space in a major newspaper? You have to burn bridges the old fashioned way – by writing a farewell email.