Financial Industry think their clients are "muppets"?

darkpool

Who would have thought that an industry that attracts some of the most greedy people in the world would have put their own interests ahead of their clients? I'm shocked at what this Goldman employee has to say.

"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."

http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=2&_r=2&sq=Goldman Sachs Group Inc&st=Search&scp=1

Lokolo

You mean one company thinks that, not the whole of the financial industry.....

brasso

There was nothing at all surprising in the 'revelation' that some Goldman Sachs employees at the sharp end of the business think this way. I'm certain it applies to many in the financial services industry -- and other sectors too.

We are all driven by self-interest, regardless of how many self-aggrandising layers of delusion we try to conceal the impulse with.

Referring to clients as "muppets" in emails is plain stupid though, even if it's what they think.

talexuser

I'm not at all surprised the "vampire squid" thinks that. However to tar the entire industry with that brush you might as well say that because Madoff ran a ponzi scheme the whole industry runs nothing but ponzi schemes.

Neverland

Many people who go into the finance industry are greedy and don't want to do anything more constructive

Most of those who are greedy will put their own interests above their clients some of the time

A few of them will steal off their clients given the chance

You need to take these attitudes and odds into account when dealing with people form the finance industry

I prefer to manage my own money and pay the minimum charges possible

brasso

Neverland wrote: »

Many people who go into the finance industry are greedy and don't want to do anything more constructive

Most of those who are greedy will put their own interests above their clients some of the time

A few of them will steal off their clients given the chance

You need to take these attitudes and odds into account when dealing with people form the finance industry

I prefer to manage my own money and pay the minimum charges possible

Sure. No argument with that -- I'm never happy about the word "greedy" though. We tend to use it to describe the behaviour of people we dislike. When we do the same we are "spotting an opportunity" or being entrepreneurial.

darkpool

Lokolo wrote: »

You mean one company thinks that, not the whole of the financial industry.....

it does type of indicate that the whole industry does not put their clients first though? unless you think the rest of the industry is radically different?

I personally think anyone paying over 2% a year in charges is a muppet.

Lokolo

darkpool wrote: »

it does type of indicate that the whole industry does not put their clients first though? unless you think the rest of the industry is radically different?

I personally think anyone paying over 2% a year in charges is a muppet.

It doesn't at all indicate that the whole of the industry doesn't put their clients first.

You are effectively saying that if 1 person says something about where they work, it goes across the whole of the industry. Which is ridiculous! This is why we have such things as racism and sexism, because of bigots like you.

And I think someone that though unit trusts are trackers are a total idiot. But I guess we are all allowed our own opinions.

GeorgeHowell

The former Goldman Sachs employee may well have a chip on his shoulder, as has been suggested. But can anyone be surprised at what he says, or have difficulty in believing it ?

I have little empathy with individuals who pitch tents in public places etc, but the likes of Goldman Sachs certainly appear to feed the grievances of the anti-globalisation and anti-capitalism lobbies. In my view it was in the course of trying to emulate them, as the industry leader, that the disasters in banking, and particularly investment banking, that led to the 2008 crisis occurred. Goldman Sachs were of course so good at it all that they survived when some of their competitors sank.

I notice also that yet again when faced with any criticism whatsoever of any part of the financial sector, some of our resident FAs "protesteth too much". If the cap fits, wear it.

darkpool

LOL!! half the recent posts on this thread were deleted.

cloud_dog

For some reason (and I can't for the life of me understand why ), I think Darkpoo uses one set of standards for one and another for others. Perhaps it just suits his purpose from his high horse.

I'm sure a motoring / plumbing / electrical / window cleaning / (I could go on)...... would never, ever refer to their clients as muppets