Goldman Sachs: “We Don’t Trust You at All”

Although I am still not inclined to buy, rather than merely borrowing it from the library, Greg Smith’s book Why I Left Goldman Sachs, I did find his interview on CBS’ 60 Minutes last evening to be interesting. What interested me?

Smith did not provide any great revelations in this interview, but I found it interesting based simply on the fact that he is one of very few people who have exited the Wall Street arena and left the light on in the process. For that reason alone, I think it is worthwhile to watch this clip.

Do clients trust Goldman Sachs? Certainly not all of them. Why not? 

Learn about the structured notes/derivatives business on Wall Street and at Goldman and you will understand why an Asian client made the comment regarding just how much he trusted the firm. I would add that the same could be said of every firm on Wall Street, especially within the structured derivatives space.

For those interested in more material on the firm, I welcome providing this link: Sense on Cents/Goldman Sachs.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.