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Goldman Sachs Traders Brought Shame Upon Firm Two Days Last Quarter

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For the third quarter this year, Goldman Sachs's trading desks made more than $100 million on seven days, some sort of profit on 64 out of the 66, and lost on a mere two. At Morgan Stanley, which only had one single $100 million day and lost money on ten days, these results would be considered excellent and the sort that James Gorman would knock off a hobo to report. There would be piñatas and cake and they'd let everyone take the rest of the year off for a job amazingly well done. But this is not Morgan Stanley, this is Goldman Sachs, which means the responsible parties are going to pay.

For the traders who brought shame on God's house, who've been made persona non grata since the filing with the Securities and Exchange Commission this morning, who will receive cold shoulders from colleagues and not so much as a 'ha' in response to a funny link sent over IM this afternoon, there must be some recognition of what they've done. Something worse than being fired or having their bonuses shrunk or their nipples zapped for every inch in the red. An aversion shock therapy of sorts. Something that will make them never want to lose money again.

Not to give away too many details but as a warning to the rest of you at GS-- if you hear cries coming from the basement of 200 West today, don't go down there to investigate unless you want to see things you can't unsee. Your friends, strapped down and being read passages of a new book by the author himself. Wearing the bandana. As Lloyd and Gary watch through one way glass from above. Wondering if they've gone too far, but knowing this is the only way anyone will learn.

The same mistakes won't be made again.


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