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Bloomberg: Stop Being Mean To Goldman Sachs!
By
Jen Chung
Published Mar 16, 2012
Modified Mar 16, 2012
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By
Jen Chung
Published Mar 16, 2012
Modified Mar 16, 2012
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Do you know who, besides Lloyd Blankfein, really wants the pile-on of Goldman Sachs to stop? Mayor Bloomberg! During his radio show this morning, he commented on the very NY Times op-ed written by a disgruntled ex-employee who said the firm put profits before clients: "I don't know whoever said what... But even if it was said, it's a few people and, you know, Goldman Sachs is a firm that's been around for well over a hundred years and it's a great firm... It's my job to stand up and support companies that are here in the city that bring us a tax base that employ our people and I'm going to do that."
Greg Smith resigned from his position as a director in Goldman's London office on Wednesday—and explained his reasoning for leaving after 12 years in the Times op-ed, "Culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief." Now, "It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as 'muppets,' sometimes over internal e-mail."
Anyway, back to Bloomberg: It turns out he also visited Goldman Sachs yesterday. According to, uh, Bloomberg Businessweek: "'The mayor stopped by to make clear that the company is a vital part of the city’s economy, and the kind of unfair attacks that we’re seeing can eventually hurt all New Yorkers,' said Stu Loeser, a spokesman for the mayor. Bloomberg visited the firm [at] about 11 a.m. and met with Chief Executive Officer Lloyd C. Blankfein and numerous employees, Loeser said."
Tagged
goldman sachs
greg smith
lloyd blankfein
mayor bloomberg
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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