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.
Author:
Publish date:
Updated on

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

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]

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

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 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:

Why I Left Goldman Sachs, Chapter Three: "My Alleged Competition"

In the ping pong game of life, even your most trusted blade can't swat away an opponent with super-sized balls.---Unknown On Monday morning, Grand Central Publishing will release Why I Left Goldman Sachs: A Wall Street Story, a memoir penned by former Goldman employee Greg Smith, based on his op-ed for the New York Times entitled, "Why I Am Leaving Goldman Sachs." When Smith's piece came out last March, few if any senior executives inside the bank were pleased, in part because it came as a total shock. No one at Goldman had known Smith was planning to have his resignation letter printed in the paper. No one had known he had issues with the firm's supposedly new and singular focus on making money at all costs. No one, at least at the top, even knew who Greg was. Obviously all this left the bank at a competitive disadvantage in terms of fighting back and for the time being, Smith appeared to be handing Goldman its ass. Getting cocky, even. Perhaps thinking to himself, "When all of this is over, I could be named the new CEO of Goldman Sachs."  As anyone who has ever won a bronze medal in ping-pong at the Maccabiah Games will tell you, however, winners are determined by best of threes. And that anyone going to to the table with Goldman Sachs should be prepared for things to get ugly. Which is why it should not have come as a surprise that after getting hydrated, regrouping, and coming up with a plan of attack, Goldman kicked off round two with a delightfully bitchy, exceptionally underminery 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 then followed it up with a leak of Greg's less than flattering performance reviews to the Financial Times. What probably did come as a surprise, however, was today's breathtakingly aggressive Bloomberg piece re: Mr. Smith wherein: * He's described as a petulant child with unrealistic expectations for his career advancement * It's suggested, by saying outright, that his op-ed complaints about the firm were nothing more than him having "an axe to grind" on account of not advancing beyond vice-president, as demonstrated by the fact that as of 2010, he was happy with the firm, wanted to become a managing director and had no intention of leaving * People are left to connect the dots re: Smith and lady bosses ("Goldman Sachs put a different managing director in charge of Smith as it considered giving him a sales job. The report says he 'found the transition difficult and considered the female MD who ran the desk a peer at not his boss") Relatedly, as we head into the final game of the set with a tie score, the following is a tremendous anecdote from Chapter 3 of Why I Left Goldman Sachs involving an actual game of ping-pong, John Whitehead's Business Principles, and the lessons one learns as a first-year at GS about allowing a client to enjoy the sweet taste of victory despite knowing full-well you could wipe the floor with him or her and bring home the gold, if you so chose. After hearing of my past sports success, Rudy immediately fired off an e-mail to Ted Simpson, saying "Springbok will be representing the New York desk at the Ping-Pong tournament." Simpson wrote back: "Who's Springbok?" In response, Rudy e-mailed him a photograph of a springbok, the actual animal. You had to be there, but I thought it was hilarious. So I flew to Boston on Goldman's tab-- the justification being that while there, I could meet with Prakash and talk Israeli tech stocks-- and met Ted Simpson. […] The backstory of the annual Goldman Sachs Ping-Pong Tournament, Ted told me, was that the same guy, an Indian portfolio manager from Putnam, had won it five years in a row, and that winning the tournament was the highlight of the guy's year. But from the moment I walked into Jillian's- a pleasure palace replete with free-flowing alcohol, spicy chicken wings, bowling alleys, plasma TVs, and dozens of Foosball, pool and table tennis tables-- and saw my alleged competition practicing, I knew he didn't have a chance against me. I'm not trying to brag. But competitive table tennis, like every sport, has its levels. Any number of internationally ranked players could have (and had) made mincemeat out of me, yet simply put, the Putnam portfolio manager (let's call him PPM) and I were not in the same league. I was confident he wouldn't be able to return my serve, and if it came to a rally, he wouldn't be prepared for the kind of sever spins I could put on the ball. I could see he was a very good basement player, nothing more. I could have beaten him in my sleep. The tournament draw was posted. Thirty-two people, and PPM was seeded number one. Since the organizers knew I was good, I was the number two seed. Play began. I was rusty-- I'd been working such long hours since joining Goldman that I'd barely picked up a paddle-- but soon I remembered my form. And nobody gave me a serious challenge. PPM and I plowed through our halves of the draw, heading toward an inevitable confrontation. I watched a couple of his matches. PPM's opponents were easy pickings: recreational players dressed in jeans and polo shirts. And PPM, looking very professional in his special sneakers and running shorts, T-shirt, and headband, was mopping them up. Of course he'd brought his own paddle-- a serious player would never show up without his own stick. And of course I'd brought along my trusty Donic Appelgren blade, red on one side, black on the other. Ted Simpson and I were looking on as PPM took down another player. "So what are we thinking here?" I asked Ted. "I"m going to meet this guy in the final, and if play properly, I'm going to beat him twenty-one to two. What' the right course of action?" Ted looked thoughtful. "Well," he said after a moment, "this guy is one of our biggest clients; he takes this stuff really seriously." At that moment, PPM whaled away at a forehand that just clipped the table edge and skipped off, unreturnable; he raised his arms in victory. "We need to make it a close game," Ted said. "Get some good rallies going." I told Ted I had been thinking along the same lines. That I should beat PPM, because it was obvious I could beat him, but that I should keep it close. Not embarrass him. I knew how to do that, I said. You just make a few unforced errors here and there. "Hmm," Ted said. "You have a different idea?" I asked. "Well, the guy is one of our biggest clients," he repeated, givingme a significant look. "You're suggesting--?" "Maybe," he said. And then: "Watch for my signal." I gave Ted a look-- he was smiling-- and took my Donic out of its case. The match began. A crowd had gathered to watch us play. Everybody was having fun-- except for my opponent, who was taking the match very seriously. When I won a few points in the early going, I could see him getting upset. So I eased up. I could have really turned on the heat, hit some crazy shots past him that would have whizzed by his ear-- but I didn't. My whole plan was to keep the ball in play. To give the crowd a good show, instead of slicing the ball back when PPM smashed it at me, I would lob it up for him so he could smash it again. Smash, lob. Smash, lob. Oohs and has from the onlookers. After three or four exchanges like this, I'd either hit it into the net or give PPM such an easy pop-up that he could make a legitimate put-away on me. I was letting him show off for his fellow clients a little bit. He loved it. The matches were best two out of three, and my plan was to squeak out a win in the second game, then maybe win by just a little more in the third. But when I was ahead 15 to 12 in the second, Ted Simpson caught my eye. He gave a little shake of the head, and then, using his left hand as a shield, gave me a quick thumbs-down with his right. I'm quite sure nobody but Ted and I knew what was going on. I nodded. After all, wasn't putting the client first number one of John Whitehead's 14 Business Principles? The Putnam portfolio manger was very magnanimous in victory-- as i was in defeat. Greg Smith Quit Goldman Sachs After 'Unrealistic' Pitch For $1M [Bloomberg] Earlier: Greg Smith: Goldman Sachs Interns Taught Harsh But Important Lessons By Demanding But Affable Managing Directors; What Else Does Goldman Sachs Have In Store For Greg Smith?; 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

Goldman Sachs Unimpressed By Sophomoric Writing Efforts Of Former Employee

Back in March, a young man named Greg Smith published an Op-Ed in the Times called "Why I Am Leaving Goldman Sachs." Greg wrote that despite joining a firm that, in the beginning, cared about "teamwork, integrity, a spirit of humility, and always doing right by clients" and not "just about making money," he'd ultimately come to be sickened by a place that, twelve years later, he couldn't even recognize. A place that, on Lloyd Blankfein and Gary Cohn's watch, had lost its way. A place that, he'd come to see, was devoid of any sort of morals, whatsoever. A place that needed to take a long hard look at what it had become. A place that, he predicted, was not long for this earth. Because unlike Smith, whose proudest moments in life-- "being selected as a Rhodes Scholar national finalist and winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics," respectively-- involved hard work and no short cuts, "Goldman Sachs today," Smith wrote, is all "about the shortcuts and not enough about achievements." Goldman Sachs 2.o, one might say, hasn't worked an honest day in its life and that didn't feel right to Smith anymore. The piece, which was said to come as shock to Goldman, did not please many people on the inside, nor did the $1.5 million deal Smith scored shortly thereafter to write Why I Left Goldman Sachs: A Wall Street Story, out October 22. Here's how Greg's publisher describes WILGS: From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom; from the career lifeline he received from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachs from extinction-Smith will take the reader on his personal journey through the firm, and bring us inside the world's most powerful bank. And while higher-ups at GS may have been initially worried about the potentially damaging revelations that would appear in the book, apparently time, a slap in the face and an order to 'get it together you pustulant milquetoasts' by the ghost of Lucas van Praag has resulted in this delightfully bitchy, exceptionally underminery comment from 200 West: “Every day, some young professional, after a decade in a post-collegiate job, reassesses his or her career and decides to move on and do something else,” David Wells, a Goldman Sachs spokesman said Dealbook in an e-mailed statement. “Others can better judge whether Mr. Smith’s particular career transition is of unique interest.” Regardless of whether or not Goldman is correct in its assessment that Greg's sounds like the story dozens of analyst finishing their first year would tell of the "epic" stuff they witnessed during their 12 months of banking (+previous summer internship, during which things got pretty crazy) or if his particular career transition is indeed of unique interest, Dealbreaker will be hosting an evening of dramatic readings of select chapters, with yet-to-be secured GS alum/raconteur/boulevardier Lucas van Praag standing in for the part of Mr. Smith. Venue and ticket pricing to follow. Former Banker Promises A Peek At Goldman Sachs [Dealbook] Earlier: 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