The Case Against Goldman Sachs
The Securities and Exchange Commission's lawsuit against Goldman Sachs is revealing a cavalier culture in which the firm invested recklessly and bet against its own clients. Here are some of the company's questionable practices:
* Created its own blood bank and sat on all deposits until the Haitian earthquake
* Tried their hardest to dissuade risk-loving pensioners and teachers' unions from buying into unsound derivatives, but in the end it wasn't enough to stop them
* Drove up commodity index while hedging against price increases by maintaining a 20-acre facility crammed with full barrels of crude oil, stockpiled bales of cotton, and tens of thousands of lean hogs
* The guy who delivered lunch every day was always tipped with one of the company's crumbling mutual funds
* Offered clients discounted concert tickets that junior analysts won by repeatedly dialing into radio contests
* Invested in the highly lucrative underground organ trade through its Mexican subsidiary Goldmando Saques
* Over the years, executives secretly dumped the contents of nearly 2,400 convenience stores' take-a-penny-leave-a-penny trays into their suit pockets
* Taking your money and not telling you what the hell they're doing with it
6 COMMENTS:
Well, you know here is Munger justifying the traders on Wall Street. He concludes that if everyone is doing "it" then it must be okay. I guess Money IS everything!
http://video.forbes.com/fvn/streettalk/charlie-munger-on-goldman-sachs?partner=yahootix
Ban Against Banks betting against Clients:
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7122365.ece
Charlie like Warren is protecting his investment and ego...wtf is he going to say?
"Given the world they were in..they were behaving okay"....that's one hell of an endorsement...can a drug dealer from a third world country use that excuse...or a pimp...or a starving homeless person? I mean what the hell, who's anyone to judge right or wrong?..they all operate in different worlds with different rules...these guys are better off keeping their mouths shut because their too close to the end to destroy whatever is left of their legacy...unreal...makes you really wonder how they achieved what they did in their lifetimes.
http://www.youtube.com/watch?v=JvOigT7S3VA&NR=1
http://www.youtube.com/watch?v=i7P1-bpvFUQ
Those videos were good ...thanks!
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