Before Suing Goldman Sachs, Take A Moment To Realize Who You're Really Hurting

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Goldman Sachs announced yesterday that it has so far been hit with six shareholder suits (on top of the SEC stuff, and in addition to a little criminal investigation by the Justice Department). And that's fine, it's no real sweat of Lloyd's sack, or the sacks of Gary Cohn, or Lucas van Praag, either. Sure, it threatened to disrupt the trifecta's viewing of last night's Real Housewives of New Jersey premiere but that was really it. An annoyance, yes, but one they've vowed to get used to, as suing GS is de rigeur among the peasants these days. If you think any of this is actually hurting them, as I'm sure many are hoping, you are sorely mistaken. The only time Lloyd feels pain is during the unfortunate times he runs into Viniar air-drying post soak and the obligatory bimonthly manscaping sessions downtown (you can't dip them in liquid gold unless they're completely hair-free). But you know who it is hurting? The children.

According to people who have attended client meetings at Goldman, President Gary Cohn and CFO David Viniar have each said the spate of legal troubles have been "tough on families. . .it's been tough on kids

Just something to think about next time you're trying to decide whether or not to go after the good of 200 West Street. Unless of course you're into this sort of shit, you sick fucks, in which case, proceed.

Suits, subpoena for sad 'Sachs' at Goldman [NYP]

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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: