Greg Smith, former VP of Goldman Sachs, says unethical behavior endangers firm's future.

[No Elephants]

Greg Smith, former VP of Goldman Sach's claims that he resigned because of the firm's unethical behavior.

http://www.cnbc.com/id/49498520

Forbes says Smith's story does not add up. http://www.forbes.com/sites/nathanvardi/2012/10/21/greg-smiths-goldman-sachs-story-just-doesnt-add-up/

However, Forbes also says that no one charged with making financial decisions for themselves or others should trust any Wall Street firm.

:wtf:

Meanwhile, all of America let a former Goldman Sachs CEO talk us into bailing out banksters. From the time Paulson went on all the Sunday talking heads shows claiming there would be a depression unless there was an immediate, unconditional bailout until the time the legislation got signed by Bush was, what, maybe two weeks?

To be accurate, Paulson refused to say the D word, claiming that merely saying some words causes bad things to happen. However, the talk show hosts said it for him, as in "Are you saying there will be a depression unless Congress enacts this bill within a couple of days?" And then Paulson would refuse to say the word. However, between him and the talk show hosts, the viewer clearly got the message.

Meanwhile, did the bailout prevent a depression? Some people who have been out of work for four years would beg to differ.

The SEC once fined Goldman Sachs $550 million, the largest amount for the SEC ever. And therein lies part of the problem: much more than that can be made by flaunting the law, and the likelihood that the SEC will catch every single violation is slim. So, once in a while, you get hit with a sum like that. It's a cost of doing business, just like the huge salaries paid executives and those $2000 wastebaskets we heard so much about.

And who is in charge of our financial decisions now? Former head of the New York Federal Reserve Bank, Timmeh Geithner (New York being Wall Street's town and the epicenter of the near global economic collapse of 2008) and Ben Bernanke, same guy who was in charge of the Fed in 2008.

Man, all that change has been so confusing.

[Enthusiast]

1. I watched Smith on 60 Minutes.

His story seemed entirely plausible. And his story matches what we already know about Goldman.

[No Elephants]

2. Are you implying that Forbes' siding with Goldman Sachs was not entirely objective?

:evilgrin: