Why Is Goldman Sachs Holding Its Shareholder Meeting In New Jersey?


As you may have heard, Goldman Sachs will hold its annual shareholder meeting tomorrow. Unlike the past 12 years, in which the event has been held in New York, Friday's meeting will go down in the Garden State. The bank has not explained the move, and while it does have a building across the river, one would hope you're not falling for that.

The real reason more than likely has little to do with real estate. Legitimate possibilities include:

a) Hoping the Sisters of Saint Francis, who are none too pleased about Goldman's compensation practices and who GS is not at all scared of but is "calling around" to make sure no protests are planned, regard NJ as the 7th circle of hell and will stay away

b) Shareholder Evelyn Davis, who Lloyd recently had the balls to tell he didn't care about her silly little newsletter enough to pay for it, has always said "Millionaires don't go to New Jersey"

c) Matt Taibbi has a warrant out for his arrest there

d) Less opportunity for scrutiny of managing director Richard Kimball's after party at Satin Dolls

e) Lucas van Praag is the world's number one Real Housewives of New Jersey fan and convinced LB to move the meeting so 1) he could grab lunch with the guy who's set to be this season's breakout star:

(wait for the last 15 seconds)

...and 2) he can blame calling a reporter a "prostitution whore" on being inspired by a "when in Rome" situation

f) wildcard

At Goldman Meeting, Pay Is Likely To Rule The Day [WSJ]


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: