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Posts Tagged ‘Goldman Sachs reputation’

Matt Taibbi Presents ‘The People vs. Goldman Sachs’

Posted by Larry Doyle on May 13th, 2011 8:58 AM |

Lloyd Blankfein Lloyd Blankfein, chairman and CEO of The Goldman Sachs Group, hears from a lawyer while preparing to testify before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee on Capitol Hill on April 27, 2010 in Washington, DC. The subcommittee is investigating the role of investment banks during the Wall Street financial crisis.(This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone’s Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that construct Wall Street violated the Racketeering Act. Read it and weep. Then for our national interest, please share this with your friends and colleagues. I thank the loyal Sense on Cents supporter who brought this story to my attention. LD)

On March 2, 2010, I was invited on CNBC’s Street Signs to discuss Goldman Sachs. I pulled no punches that day in cautioning people interested in Goldman Sachs that the greatest risk with Goldman was its’ ‘reputational risk’. For those who care to view that 4 minute Media Appearance on CNBC, my specific comments about GS’ reputation come in at about the 3-minute mark.

Over the last fourteen plus months, the Dow Jones Industrial Average is higher by approximately 20% and Goldman Sachs’ stock is lower by approximately 10%.  (more…)

Goldman’s Reputation Bombs in China

Posted by Larry Doyle on June 7th, 2010 2:32 PM |

I have written extensively on the impact of a lousy reputation. No firm on Wall Street is feeling the sting of a questionable reputation more than Goldman Sachs. If Goldman thought it could quarantine its lousy reputation to the Western Hemisphere, Lloyd Blankfein and team need to think again.

As the Financial Times highlights, Goldman Stung by Backlash in China,

Public criticism of Goldman Sachs has come to China, where the bank has been attacked in the state-controlled media. (more…)

Goldman’s Perfect Quarter Indicates Game is Fixed

Posted by Larry Doyle on May 10th, 2010 10:12 AM |

Those involved in fixing the scores of athletic events will intentionally lose every once in a while to give the appearance that the games themselves are on the up and up. For those betting on athletic contests, beating the point spread each and every time would be a strong indication that the games are fixed. Similarly, casinos are happy when players win so that other players will enter the game. If the house always wins, sooner or later fewer and fewer players will enter that casino.

The crowd at Goldman Sachs ,along with their cronies in Washington, may want to heed these lessons. Why do I write this? (more…)

Blankfein, Congress, Schapiro “You’re All Fired”

Posted by Larry Doyle on May 7th, 2010 11:30 AM |

The incest is over.

As much as Wall Street and Washington would like to project a sense that our economy is improving and the markets are merely fluctuating, the fact is America is learning more and more that the incest that has infiltrated our financial and economic structures has corrupted America in the process.

Incest does not do much for the participants’ reputations. The risk of a bad reputation remains the greatest risk of all. I see people on Wall Street now scrambling to repair that reputation. Who? (more…)

A Wall Street Insider’s Views on Goldman Sachs

Posted by Larry Doyle on April 16th, 2010 1:45 PM |

Given the extraordinary interest in the SEC charging Goldman Sachs with fraud, I am compelled to provide a compilation of my writing on Goldman going back over the last year. Although many may view Goldman as one massive conspiracy, I have never been one to paint an entire organization (or industry) with a broad brush. That said, I have been aggressive in questioning Goldman’s comfort level in jeopardizing its reputation in pursuit of profit. I said as much in a public interview on CNBC last month.

Goldman’s close, if not incestuous, relationships with Washington, many hedge funds, and major clients has positioned the firm as the centerpiece of America’s outrage toward Wall Street. To that end, for those interested in my views of Goldman Sachs, I am happy to provide the following links from the Sense on Cents archives: (more…)

Doing Biz with Goldman Sachs = ‘Swimming with the Sharks’

Posted by Larry Doyle on April 16th, 2010 12:03 PM |

Given the breaking news of Goldman Sachs being charged with fraud, I am bumping up this story from my original posting on April 14th.

If you are swimming with sharks, you had better be careful.

I have had an extraordinary number of people visit Sense on Cents as a result of searching for information on how Goldman Sachs operates.  Although many believe Goldman’s operations to be one massive conspiracy, I would not blindly and wantonly generalize about an entire organization. By the same token, Goldman is certainly not a pack of choir boys either. (more…)

Goldman Sachs: The Reputation You Deserve

Posted by Larry Doyle on March 2nd, 2010 7:08 AM |

When you sleep with dogs, you wake up with fleas.

Of all the lines I heard bandied about during my time on sales and trading desks on Wall Street, the line I reference above is one of my favorites. Why? That line goes straight to reputation.

As much as anybody may want to whine, bitch, or moan about being treated unfairly, ultimately the court of public opinion will convey upon an individual or an entity the reputation he or they deserve.

As a parent, I have often had the discussion with my children that they had better be exceptionally careful as to what they do and with whom they hang because you carry your family name with you everywhere you go and you only get one reputation. For this very reason, I strongly believe the greatest risk in life is reputation risk. (more…)

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