By now, everybody has heard that a GS VP has turned states-evidence on the company, decrying in a NYT op-ed that company executives “callously” talk about “ripping their clients off” in order to make more money for the securities firm and that the firm’s culture is “toxic and destructive.”.
That’s a shocker, isn’t it? Right up there with accusations that baseball sluggers juice-up.
Also unsurprising is that Goldman is wasting no time in fighting back against a disgruntled ex-employee.
According to the WSJ, GS immediately tried to marginalize the dude by minimizing his role at the firm.
In a memo to employees, Goldman Chairman and Chief Executive Lloyd Blankfein and President Gary Cohn wrote that Mr. Smith was one “of nearly 12,000 vice presidents” among more than 30,000 employees at the company.
Now, that caught my eye …. 40% of employees are VPs.
Either it’s “all chiefs, no warriors” or within GS, the title is more honorary than substantive … providing clients with the peace of mind that only comes when dealing with “callous” VPs who are “ripping them off”.
Go figure …
The Homa Files 