Goldman Employees Ready to Fight

Author:
Publish date:

If you thought the SEC’s charges against Goldman Sachs would shake-up the tight-knit culture of the firm, think again. Apparently, they’ve only served to embolden bankers to work extra hard to do what they do best - make money.

The new team spirit comes on the eve of what will most likely be a torrent of bad press tomorrow as GS execs head to Washington for some political theater. We know Goldman employees have always guzzled their fair share of Kool-Aid, but these days the solidarity seems to be running extra high these days.

From The Daily Beast

“Everyone internal thinks it's a big joke,” says one former Goldman employee, “and are actually quite pissed that the SEC had the audacity to bring these charges and in an unprecedented manner.”

“If they served Kool-Aid inside of Goldman, it’s safe to say everyone would be drinking it,” says one senior New York attorney whose practice brings him into contact with many Goldman employees.

“It’s like the firm is full of Stepford bankers,” says one Goldman vice president

Related

Goldman Faces Suit Over Timberwolf Deal

Now, Goldman Sachs may have to deal with another lawsuit from a bunch of blokes at an Australian hedge fund. Goldman has been tussling behind the scenes with lawyers from the firm, called the Basis Yield Alpha Fund, over a $100 million slice of the Goldman-sponsored Timberwolf CDO that the Aussies bought right before the shit hit the fan.

Goldman Traders Never Had a Down Day

Goldman Sachs just revealed in an SEC filing that its traders made money on every single trading day last quarter, a record for the firm. Net revenue for trading was $25 million or higher in all of the first quarter’s 63 trading days with 35 of those days bringing in more $100 million, according to the filing.