There's An Opening For Chief Partaaay Planning Partner At Goldman Sachs

According to an incredibly distressing report by Bloomberg today, Richard Kimball Jr., he of topless pool parties, topless and bottom-less Halloween parties, and what sound like orgies in the backyard-fame, is no longer a partner at the firm. Goldman Sachs, which is scheduled to announce its new class of partners next week, has 407 members of that elite group, down 31 in about nine months, according to a company filing. That’s because 33 people listed as part of the partnership in a February document weren’t included in a filing released Nov. 2...Names dropped from the latest list include investment bankers Jason G. Cahilly, who specializes in advising media and telecommunications companies; Alastair J. Hunt, who works with businesses involved in natural resources; Kevin A. Quinn, a specialist in semiconductor firms and Richard A. Kimball Jr., who worked with the health-care industry. Although rumors circulated a while back that Goldman was considering simply de-partnering Kimball, a painful process that nevertheless allows neutered ex-partners to still gain access to the building, we're told that he has in fact left the bank entirely.* So the position is up for grabs and while it's unlikely that anyone will be able to fill his considerable shoes, that's not a good enough reason to not give it a try. Goldman Sachs Partner List Drops 31 Since February, Filing Shows [Bloomberg] Earlier: Goldman Sachs Managing Director Richard Kimball Finds Finds New Apartment Board Not Hell-Bent On Ruining His Good Time; Goldman Sachs Considering Punishing Richard Kimball For His Prudence, Joie De Vivre; Goldman Partner’s Neighbors Scandalized By Shirt Optional Parties; Goldman Sachs Supposedly Not Happy With Topless Story; Banks Advising Employees To Avoid Flashy Hamptons Homes This Year, Vague About Whether Or Not Pulling A Kimball Is Okay *Whether to start his own hedge fund or design a line for La Perla is unclear at this time.
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According to an incredibly distressing report by Bloomberg today, Richard Kimball Jr., he of topless pool parties, topless and bottom-less Halloween parties, and what sound like orgies in the backyard-fame, is no longer a partner at the firm.

Goldman Sachs, which is scheduled to announce its new class of partners next week, has 407 members of that elite group, down 31 in about nine months, according to a company filing. That’s because 33 people listed as part of the partnership in a February document weren’t included in a filing released Nov. 2...Names dropped from the latest list include investment bankers Jason G. Cahilly, who specializes in advising media and telecommunications companies; Alastair J. Hunt, who works with businesses involved in natural resources; Kevin A. Quinn, a specialist in semiconductor firms and Richard A. Kimball Jr., who worked with the health-care industry.

Although rumors circulated a while back that Goldman was considering simply de-partnering Kimball, a painful process that nevertheless allows neutered ex-partners to still gain access to the building, we're told that he has in fact left the bank entirely.* So the position is up for grabs and while it's unlikely that anyone will be able to fill his considerable shoes, that's not a good enough reason to not give it a shot. Start thinking about what you'd do for the holidays now and try and come up with something a little more outside the box than naughty elves, which has been done.

Goldman Sachs Partner List Drops 31 Since February, Filing Shows [Bloomberg]
Earlier: Goldman Sachs Managing Director Richard Kimball Finds Finds New Apartment Board Not Hell-Bent On Ruining His Good Time;Goldman Sachs Considering Punishing Richard Kimball For His Prudence, Joie De Vivre;Goldman Partner’s Neighbors Scandalized By Shirt Optional Parties;Goldman Sachs Supposedly Not Happy With Topless Story;Banks Advising Employees To Avoid Flashy Hamptons Homes This Year, Vague About Whether Or Not Pulling A Kimball Is Okay
*Whether to start his own hedge fund or design a line for La Perla is unclear at this time.

Related

Guy Who Was Fired By Goldman Sachs For Amassing "Inappropriately Large" Position Welcomed With Open Arms At Morgan Stanley

Back in December 2007, things weren't going so well for Matthew Marshall Taylor. He'd just been fired from Goldman Sachs and not only was he out of a job, but his prospects for finding a new one didn't look so hot, on account of the fact that Goldman planned to put a note in his file detailing the reason he'd been let go-- "for building an 'inappropriately large' proprietary trading position"-- and it seemed unlikely anyone at the firm would be open to serving as a reference for him moving forward.  Three months later, however, one bank told MMT that there was room for him at their inn. Morgan Stanley, apparently having decided the incident at Goldman was but an asterisk in what would be a long and fruitful career, told Taylor to come on down, employing him for over four years until he left in July of his own accord and not because of any legal issues relating to his work at Goldman Sachs. Taylor was accused yesterday by the U.S. Commodity Futures Trading Commission of concealing an $8.3 billion position in 2007 that caused Goldman Sachs to lose $118 million. Goldman Sachs fired Taylor in December 2007 and cited “alleged conduct related to inappropriately large proprietary futures positions in a firm trading account,” in a so-called U-5 form, according to a Financial Industry Regulatory Authority document. Morgan Stanley, which had employed Taylor before he joined Goldman in 2005, re-hired him in March 2008, according to the records. Taylor, who handled client-related equity derivative trading at Morgan Stanley, left the firm in July, according to Mark Lake, a company spokesman in New York. His departure wasn’t related to the CFTC complaint filed against Taylor yesterday in federal court, according to a person familiar with the situation, who requested anonymity because the information is private. Taylor concealed the position by bypassing the firm’s internal system for routing trades to the Chicago Mercantile Exchange and manually entering fabricated futures trades in a different internal system, according to the complaint. Goldman Sachs, which wasn’t identified in the CFTC lawsuit, said Taylor allegedly made the trades while employed at the firm. Anyway, since MMT is a free agent at the moment, if any other banks would like to overlook the blip, please do get in touch directly. Citi, BofA? At least just think about it. He was good enough for Morgan Stanley, he should be good enough for you. Morgan Stanley Hired Goldman Trader Accused Of Hiding Position [Bloomberg] CFTC Charges Matthew Marshall Taylor with Fraud for Fabricating and Concealing Trades from His Employer and Obstructing Their Discovery [CFTC]

Goldman Sachs To Offer More Would-Be Partners Opportunity To Go David Tepper On An Executive's Ass This Year

Each year, after a long and very comprehensive background check, a lucky group of Goldman employees are abducted from their desks, blindfolded, gagged, and led by candlelight through a dark hallway and into a subterranean conference room. Standing on the table before them are Lloyd Blankfein, Gary Cohn and the rest of the management committee, who ask if they are prepared to pledge their devotion to the firm above all else. Those who agree have their nether regions dipped in a vat of gold, genuflect before Cohn's groin, and, at the stroke of midnight, are inducted into the Brotherhood of the Sach. While there are many ways that becoming a member of the club will change one's life, the most important one involves the partaking of astronomical profits on payday. As a result, when people are not invited to join the group, they tend to get very upset. For instance, hedge fund manager David Tepper, who became a billionaire many times over after leaving the firm, was still so upset about the snub twenty years later that he bought and bulldozed the house of the guy who passed him over. Others probably wouldn't have even gone to the trouble of buying the place first, and operated the wrecking ball themselves. Which is why we say in full seriousness that the Partnership Committee might want to watch its back. Goldman Sachs has begun vetting potential new partners and is expected to appoint a smaller number of bankers to its upper echelons this year, according to senior executives involved in the process... The nomination process for new partners ended during the summer. The internal vetting process began earlier this month and is expected to last until mid-November when the new class of partners will be announced. The vetting process is known within the bank as “cross-ruffing”, in reference to a manoeuvre from the card game bridge and typically sees a team of partners deployed to every division to talk to employees who know the candidates. [FT, related]

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:

What Else Does Goldman Sachs Have In Store For Greg Smith?

As you may have heard, eleven short days from now Grand Central Publishing will release Why I Left Goldman Sachs: A Wall Street Story. The book is the memoir of former Goldman employee Greg Smith, who in March of last year penned an op-ed for the New York Times called "Why I Am Leaving Goldman Sachs," a resignation letter of sorts in which Smith detailed the ways the firm had disappointed, sickened, and ultimately failed him, from opting for "shortcuts" over "achievement" to becoming, in the twelve years he worked there, a place that only cares about one thing and one thing only: "making money." While perhaps another person would have turned a blind eye and said nothing, Greg had an obligation, as a Rhodes Scholar national finalist and a Maccabiah Games bronze medal finisher in ping-pong, to say ENOUGH. To violate his employer in the most gruesome fashion possible (that is, publicly), in front of clients and other interested parties. To let the world know this place he worked at for over a decade could continue to be a criminal enterprise but that he was moving on. The piece, as you might have imagined, did not please many people at Goldman Sachs nor did the $1.5 million deal Smith scored shortly thereafter to write the book. In September, a spokesman for the firm issued a delightfully bitchy, exceptionally underminey comment to the press re: Smith's tale being no more interesting than that of a disgruntled first-year analyst who thinks he's got a story to tell and yesterday, amazingly and almost unbelievably but you must believe it because here it is, leaked details of Greg's performance reviews to the Financial Times which, spoiler alert, are less than flattering. Two people who managed Mr Smith said he was a solid performer but did not merit promotion to managing director, a distinction he apparently sought in 2009 and 2010. They also said he reacted badly to his bonus award in January this year. At the time one of his managers wrote in an email: “Greg Smith off the charts unrealistic, thinks he shld trade at multiples. We told him there’s v little tolerance for reactions like that and he needs to tone it down.” Ignoring for a moment that the manager quoted sounds like one of those horrible people who oh so cleverly discusses humans as financial assets, and has probably told people "I'm short Greg Smith" in the past, is this strategic attack on a former employee not the most wonderful thing to come out of GS since Hank Paulson used voicemail to apologize for telling 80 percent of the firm they were worthless pieces of crap not worthy of cleaning the lining of his birds' cages? Particularly because they maintain he is so insignificant they've barely given him or his book any thought at all? And does it not get you excited for what's to come in the run-up to October 22, i.e. what other ways Goldman has planned to humiliate and discredit Mr. Smith? Some ideas we assume they have already thought of include: * Revealing the nickname he gave himself in firm emails (Agent Smith) * Getting eyewitnesses to tell reporters that after getting shafted on his bonus, he was seen flying into a fit of mad rage, whipping his ping-pong paddle out of his holster, and screaming obscenities at passersby on the trading floor before he was restrained by Gary Cohn * Leaking the original draft of his book he was working on circa 2009, entitled Why I Became A Managing Director At Goldman Sachs: A Success Story Goldman's 'Muppet Hunt' Draws A Blank [FT] Earlier: Goldman Sachs Unimpressed By Sophomoric Writing Efforts Of Former Employee; Resignation Letter Reveals Goldman Sachs Is In The Business Of Making Money, Hires People Who Don’t Know How To Tie Their Shoes; Jewish Ping-Pong Tournament Participant / Sixth-Year Goldman Sachs Vice President Is Looking For His Next Challenge; Goldman Sachs Accuser Greg Smith (Might Have) Lied About That Which He Holds Most Sacred

Layoffs Watch '12: Goldman Sachs

A whole bunch of senior people were to pack up their things and leave last Thursday. Goldman Sachs laid off about 50 people last week, according to people briefed on the matter but not authorized to speak on the record. The cutbacks have rattled some people in the firm, in part because a number of the employees were managing directors and on the higher end of Goldman’s pay scale. We're also told that "good performers, not dead weight" were among those cut, which must doubly sting. Goldman Sachs Cuts A Little Deeper [NYT]

Goldman Sachs Does Not Look Kindly Upon First Year Analysts Who Plan In Advance

Pop-quiz: you're a first year analyst at Goldman Sachs, with a little more than twelve months left until your two year commitment is over and you are free to take a job elsewhere. Do you A) take part in private equity and hedge fund recruiting now, and, if someone was particularly impressed with your junior mistmaking skills, accept an offer for a gig beginning in June 2013 or B) tell the buyside you are sorry but are prohibited from engaging in such activities at this time, as they would pose a conflict of interest for Goldman Sachs? At this time, GS JM's believe the correct answer is A, while higher-ups, who believe there is a firm policy in place that says no analyst shall take part in recruiting until six months from the time they've finished the two year program, are going with B. So now this is happening: Goldman has been firing IBD first year analysts with buyside offers. Senior people are calling up funds to ask if any analysts have received offers from them. A bunch have been cut so far. A bunch, we're told, is in the ballpark of four, which seems like enough to put the fear of god into people.