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Goldman Sachs' charm offensive - does it work on you?


He3

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17,094
You may not be interested in Goldman Sachs, But GS are interested in you - specifically in your money.

These days GS are feeling heat of a kind they are not used to. The workaholic money making machinists believe they are the target of unfair criticism. They have read what people like politics.ie poster youngdan and others have said about their evil ways and they feel - well, misunderstood. So they break the habit of a lifetime and let a feature writer - John Arlidge - inside the citadel to report on how they are really doing 'God's work'.

Do you buy the picture he paints?

Number 85 Broad Street, a dull, rust-coloured office block in lower Manhattan, doesn’t look like a place to stop and stare, and that’s just the way the people who work there like it. The men and women who arrive in the watery dawn sunshine, dressed in Wall Street black, clutching black briefcases and BlackBerrys, are very, very private. They walk quickly from their black Lincoln town cars to the lobby, past, well, nothing, really. There’s no name plate on the building, no sign on the front desk and the armed policeman stationed outside isn’t saying who works there. There’s a good reason for the secrecy. Number 85 Broad Street, New York, NY 10004, is where the money is. All of it.

It’s the site of the best cash-making machine that global capitalism has ever produced, and, some say, a political force more powerful than governments.


I'm doing 'God's work'. Meet Mr Goldman Sachs - Times Online
 

BlackWatch

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Stop being so jealous,and create your own organisation if you don't like them.
 

He3

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I'll put you down as a Yes then.
 

cyberianpan

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What the little people may not like is that Goldman employs the best, their sheer human talent is what has them doing so well. Numpties and conspiracy loons ain't given jobs there

Goldman was the first major bank to see the credit bubble bursting and decided to get out in time:

NYT
Reporters wanted to understand how Goldman had somehow sidestepped the disaster that had befallen everyone else. What they discovered was that in December 2006, Goldman’s various indicators, including VaR and other risk models, began suggesting that something was wrong. Not hugely wrong, mind you, but wrong enough to warrant a closer look.

People here especially ain't fond of elitism or success ... thankfully they've little power or influence

cYp
 

mmrebel

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Jan 24, 2009
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758
That ST article very good and remember the GS Ceo paid himself $68m last year,the son of 2 working class Joe Soaps and paid his way through college capitlism works.
Under communism he would have been made count sheafs of corn.
 

jcdf

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What goes up must come down.
 

CookieMonster

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34,801
I think Goldman Sachs are wonderful. They showed understanding of the global financial markets far above and beyond anybody else and simply as a result of that they didn't get burnt.

To put it another way, they had the sense to learn from their mistakes... and the mistakes of others.
 

rhonda15

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He3

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Then why are they so unloved CM?

As Arlidge says:

Goldman’s reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee.
 

cyberianpan

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Then why are they so unloved? As Arlidge says:

Goldman’s reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee.
The reason is that the "little people" feel as though they've lost something

They see Goldman going from success to success and are envious

It is kinda inverse survivorship bias tied to loss aversion bias.

Goldman are a solid heavyweight firm ... compare them to say Anglo (shudders)

cYp
 

He3

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Get your facts straight truthie. It had five stars before there was a single reply!
 

Cassandra Syndrome

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mmrebel

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Jan 24, 2009
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Its like back in the world of soccer ball a while back it was ABU ,Anyone But United now its anyone but GS, and as the article points out its has paid back bailout money at a 23% interest rate.
A lot of its bad rep is coming from former bankers too who are quite frankly jealous.
 

mr_anderson

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Dec 12, 2007
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9,968
GS are the best of the best.
They saw this global meltdown coming and took all the right steps.

Which is precisely why they had to ..ehhhh .... get bailed out to the tune of €10 billion from the US government (and convert themselves to bank holding companies in order to do so).
 

cyberianpan

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cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,630
Website
www.google.com
GS are the best of the best.
They saw this global meltdown coming and took all the right steps.

Which is precisely why they had to ..ehhhh .... get bailed out to the tune of €10 billion from the US government (and convert themselves to bank holding companies in order to do so).
They repaid all the temporary bailout monies given to them, indeed they requested not to be given them

Given the crazy instabilities in the system they did avail of some liquidity funding for a period, as the normal market was turgid

cYp
 

mmrebel

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Jan 24, 2009
Messages
758
GS are the best of the best.
They saw this global meltdown coming and took all the right steps.

Which is precisely why they had to ..ehhhh .... get bailed out to the tune of €10 billion from the US government (and convert themselves to bank holding companies in order to do so).
Your not the Mr Anderson from from the accountancy firm of Enron fame by any chance ;)
 
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