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NYTimes Op-Ed: Why I Am Leaving Goldman Sachs

Discussion in 'Sports and News' started by lcjjdnh, Mar 14, 2012.

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  1. westcoastvol

    westcoastvol Active Member

    I can't wait to read that dude's book "Whoops: A Sanctimonious Millionaire Looks Back."
     
    westcoastvol, Mar 14, 2012
    #61
  2. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Most costly article in history?

    http://www.businessweek.com/news/2012-03-14/goldman-stunned-by-op-ed-loses-2-dot-2-billion-for-shareholders
     
    TheSportsPredictor, Mar 15, 2012
    #62
  3. LongTimeListener

    LongTimeListener Well-Known Member

    Not really. It was up 7 percent the day before, then dropped -- short-term profit-taking, mostly. Up another 2 percent today. It closed at $117 Monday and is at $123 after today.
     
    LongTimeListener, Mar 15, 2012
    #63
  4. Magic In The Night

    Magic In The Night Active Member

    Re the Madoff stuff referenced earlier, I've read three of the Madoff books and the guy had it pretty well-hidden. He underwent two SEC reviews and skated. Pretty fascinating stuff if you're interested in the books. Also, as to the investment packagings, a lot of sophisticated brokers didn't really understand it. But they knew when it was headed to the skids. My bond trader friend knew of it early on in 2007 that the party was gonna end. He was blogging about it then. My dad, who has been in the financial investment business for years, always says, if somebody tells you they can get you more than 12% a year, over the long term, it's usually a scam.
     
    Magic In The Night, Mar 16, 2012
    #64
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    If Bernie Madoff was looked at by the SEC multiple times, and they didn't do a thing, why is it that Madoff had it "pretty well hidden," and not "The SEC is a useless, inept organization"?

    That has always baffled me.

    The SEC's main mission includes protecting investors. You can argue that the SEC can't totally protect people, because like any policing organization, it is always going to be somewhat reactive, rather than proactive.

    But it isn't like Harry Markopolos didn't spend 9 years banging on the SEC's door about Madoff, and giving them a road map for investigating him. And it isn't like the SEC didn't send their team of 22-year-old lawyer with calculators out to take a look.
     
    The Big Ragu, Mar 16, 2012
    #65
  6. Magic In The Night

    Magic In The Night Active Member

    Have you read any of the books? He came really, really close to getting caught the second time but that investigator didn't make the second call. It was almost over for him. It's suspenseful the way it's written in there. And yes, the SEC is inept but at the time, to be fair, probbly underfunded.
     
    Magic In The Night, Mar 16, 2012
    #66
  7. YankeeFan

    YankeeFan Well-Known Member

    Ugh. 60 Minutes plugging the guy's book tonight.
     
    YankeeFan, Oct 21, 2012
    #67
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