Is GS in the Lehman pre-death state?

There is a spreading rumour that GS is going down. This could be very silly. Still, do you know of any guys working for GS right now? Is it true that moral is very low and people are looking to leave?

 

No one is looking to leave Goldman. This is a witch hunt plain and simple. Really sad how the average man will happily cheer the politicians for creating this mess and who are now exasperating it. The people who have fucked this country the most are residing in Washington DC not Wall St.

 
AnthonyD1982:
No one is looking to leave Goldman. This is a witch hunt plain and simple. Really sad how the average man will happily cheer the politicians for creating this mess and who are now exasperating it. The people who have fucked this country the most are residing in Washington DC not Wall St.

Well put, the American people just don't get it.

CRA, Bush, and Clinton caused the Housing Bubble, Wall St just made it worse.

If we're going to reform Wall St, lets start by reforming Washington DC. I know we live in a Bubble on WSO but people are dying every day in this country from diseases and hunger, both which should be eradicated by now; we've got a city putting an embargo on a State, a State that is ready to default on it's credit, natural disasters destroying our cities, and it costs $30 dollars to fill up a Mercury Sable with regular unleaded.....And all we hear about are CDOs?

Let's get real...

 
Best Response
m.c.trader:
AnthonyD1982:
No one is looking to leave Goldman. This is a witch hunt plain and simple. Really sad how the average man will happily cheer the politicians for creating this mess and who are now exasperating it. The people who have fucked this country the most are residing in Washington DC not Wall St.

Well put, the American people just don't get it.

CRA, Bush, and Clinton caused the Housing Bubble, Wall St just made it worse.

If we're going to reform Wall St, lets start by reforming Washington DC. I know we live in a Bubble on WSO but people are dying every day in this country from diseases and hunger, both which should be eradicated by now; we've got a city putting an embargo on a State, a State that is ready to default on it's credit, natural disasters destroying our cities, and it costs $30 dollars to fill up a Mercury Sable with regular unleaded.....And all we hear about are CDOs?

Let's get real...

excellent post.... synthetic cdo's sold 3 years ago where GS made a 15 million commission should be the last of our priorities

looking for that pick-me-up to power through an all-nighter?
 

Ofcourse not. However, if an institution is starting to decline, then employees (or some of them) get that feeling. Lehman was something completely different. I was just wandering if GS people get a feeling that their company is loosing the grip

 

Goldman's pre-death state? They just set a record for most consecutive profitable trading days, they are on top of the league tables in M&A and Equities, and they are killing every other bank in earnings. Clearly they are not going anywhere.

 
balbasur:
Diamonds:
Goldman's pre-death state? They just set a record for most consecutive profitable trading days, they are on top of the league tables in M&A and Equities, and they are killing every other bank in earnings. Clearly they are not going anywhere.

so was enron...

wtf? why are you bringing enron into this? that was an accounting scandal.

 

Goldman is easily the dirtiest BB in the recent history of Wall Street. People thought Salomon Brothers was bad, but GS is in a whole different league. I really don't get why other firms on Wall Street still work with it, the people in there are just awful.

The firms and counter-parties that GS dicked into bankruptcy are endless - from commodities firms to fellow BBs

Any large BB controlled by traders is just an awful place, and that is coming from a future trader.

 
RedHill:
Goldman is easily the dirtiest BB in the recent history of Wall Street. People thought Salomon Brothers was bad, but GS is in a whole different league. I really don't get why other firms on Wall Street still work with it, the people in there are just awful.

The firms and counter-parties that GS dicked into bankruptcy are endless - from commodities firms to fellow BBs

Any large BB controlled by traders is just an awful place, and that is coming from a future trader.

Weren't good enough to get an offer from GS? The bitterness really shows.

 
lasered:
RedHill:
Goldman is easily the dirtiest BB in the recent history of Wall Street. People thought Salomon Brothers was bad, but GS is in a whole different league. I really don't get why other firms on Wall Street still work with it, the people in there are just awful.

The firms and counter-parties that GS dicked into bankruptcy are endless - from commodities firms to fellow BBs

Any large BB controlled by traders is just an awful place, and that is coming from a future trader.

Weren't good enough to get an offer from GS? The bitterness really shows.

Never applied...lol

I knew ppl at other firms before recruiting even started, went with that. Doesn't matter where you trade, and honestly lateraling into GS is a much better idea than starting off there. Less likely to be canned, GS likes to fire everyone after 2 years ( legal counsel, analysts IBD, analysts FICC ) I don't really get it. It's like an MBB up-and-out being imposed at a BB.

For example: doing legal work at a company like goldman after law school is the next step down from the big law firms, however, ppl really don't want to work at GS. They fire everyone after 2 years. They pay like 250k, but you'd better start your job search like 6 months in lol.

I would want to work at GS like 2 years before retirement, that way I'd get canned and get like 6 months severance.

 
lasered:
RedHill:
Goldman is easily the dirtiest BB in the recent history of Wall Street. People thought Salomon Brothers was bad, but GS is in a whole different league. I really don't get why other firms on Wall Street still work with it, the people in there are just awful.

The firms and counter-parties that GS dicked into bankruptcy are endless - from commodities firms to fellow BBs

Any large BB controlled by traders is just an awful place, and that is coming from a future trader.

Weren't good enough to get an offer from GS? The bitterness really shows.

Oh come on. That line is so overused. It gets old after a while, and believe or not, not everyone wants to work at GS. It isn't the end all. People can have negative thoughts about firms without their opinions being fueled solely by envy.

The purpose of a forum is discussion, not snarky remarks which provide no value-add. Lasered forwarded his opinion. This is where you respond, instead of attacking him. If you have little substance to respond with, at least try to be a little witty or unique with your comments.

 

I mean just look at the track-record

Drexel, Salomon, Enron, Bear and Lehman... I see a trend here

To clarify my above post, trader firms are not awful places to work at. You'll probably make more money than anyone-else on the street. However, they're crazy volatile and when they go down, it's rather dramatic and without warning.

Enron was ballin' before it went down...but we all know the rest of the story.

 
diplodocus:
@ redhill

"future trader" ?

thanks for your informed opinion...

current traders belong on dealbreaker

future traders belong on wallstreetoasis

you need to step it up man

Also, all the traders I worked with over the summer told me stories about GS ( mind you ex BSC, Enron etc... ) They try and avoid those guys as much as possible. I'm not sure anyone really likes working with GS. Those guys are wicked smart, but I think a lot of their success is due to the fact they see so much information b/c they have so many clients. Trading with GS is like an IB trading with Glencore, they're selling it to you for a reason, and they know exactly what's going to happen.

Talk to ppl in Honk Kong, you'll hear very interesting stories about products GS china sold to clients.

I think only college kids have a hard-on for GS. Ppl in the industry don't jerk off to it like 21 y/o econ/math majors going for the big leagues.

 

yeah dude i'm future as well but i know i don't have enough knowledge to state hearsay generalizations as fact.

also to say that "only college students have a hard-on for GS" is just fuckin stupid...#1 in league tables (among many other stats) for a reason bro

RedHill:
diplodocus:
@ redhill

"future trader" ?

thanks for your informed opinion...

current traders belong on dealbreaker

future traders belong on wallstreetoasis

you need to step it up man

Also, all the traders I worked with over the summer told me stories about GS ( mind you ex BSC, Enron etc... ) They try and avoid those guys as much as possible. I'm not sure anyone really likes working with GS. Those guys are wicked smart, but I think a lot of their success is due to the fact they see so much information b/c they have so many clients. Trading with GS is like an IB trading with Glencore, they're selling it to you for a reason, and they know exactly what's going to happen.

Talk to ppl in Honk Kong, you'll hear very interesting stories about products GS china sold to clients.

I think only college kids have a hard-on for GS. Ppl in the industry don't jerk off to it like 21 y/o econ/math majors going for the big leagues.

 

You know, not to take anything away from GS, but growing up I was more interested in working for ML. Always felt like GS was the place to be if you were privileged. Kind of felt like ML was more aggressive, more of a meritocracy. I don't know, just my feelings.

I think GS is great, but on the street people are about making money not the name on their business card. Kind of like everyone wants to be on XYZ sports team, but when you get into pro sports you would play for the shittiest team if they paid you enough.

 
AnthonyD1982:
You know, not to take anything away from GS, but growing up I was more interested in working for ML. Always felt like GS was the place to be if you were privileged. Kind of felt like ML was more aggressive, more of a meritocracy. I don't know, just my feelings.

I think GS is great, but on the street people are about making money not the name on their business card.

Well, ALMOST true:

http://online.wsj.com/article/SB100014240527487035580045745814209103181…

 

Thanks for your comments guys. Just to say... being high in the league rankings is not a proof that a company like GS will still be there after X months. We must consider that the most valuable commodity in this business is your reputation. If this is destroyed....it might be the end of the game (in the long run).

So the argument was...is this the case for GS? Is it the begining of the end? From your answers I realised that we are not sure. A few years/months ago it would have been ridiculus to make such a statement. It's not a joke any more...

 

REDHILL, just a couple of things:

  1. GS isn't going anywhere

  2. It is not a new firm

  3. Buffet always buys long (think 20 years) positions. His stake is a vote of confidence. You find me ONE profitable company that he invested substantially in for less than a month and I will buy you lunch. And GS is killing it right now, so the big W walking away......highly unlikely.

  4. Did you really say, 'I don't get why other firms work with them?' ......uh, they are #1 BECAUSE people want to do business with them. Don't get me wrong, I LOVE my current position, but given the chance I would jump there. Lehman on the other hand, routinely dicked people....why do you think no one wanted to help them :)~

  5. They aren't dirty. That is what B/D's do: they sell stuff and they buy stuff. Buyers must excercise their own judgement (some of the 'jilted' companies have VERY sophisticated ER, why they didn't use it is their issue....)

  6. Worst case scenario, they nail the fabster, and maybe pay a few bucks in fines, but the big story is that the politicians need a punching bag right now. Don't worry, next year it will be big pharma. And did we mention the Mexican love fest? ...the public has a very short attention span. That and Lloyd needs to shut up. seriously

  7. In the big picture, bubbles are a function of human nature. Never underestimate the stupidity of people in large groups. Trying to blame just one thing/person/group is convenient, but inaccurate: like saying the crisis happened because people weren't making loan payments This is buck passing at its best.

  8. GS needs to hire the PR firm the Marine Corps uses. AND Lloyd needs to shut up.

  9. I was trying for a 'ten' list, so maybe someone here can finish it off?

Get busy living
 

Goldman the dirtiest firm since Salomon? Are you on crack? Have you heard of Morgan Stanley, Merrill Lynch, Lehman Brothers, Bear Stears? These guys were up to their neck in borderline fraudulent asset backed shit WAAAAY worse than Goldman. The only reason Goldman are copping the most flak is because Bear and Lehman don't exist anymore, Merrill is now partially state-owned and MS isn't making anywhere near as much money.

I'm slightly ashamed to admit I am quite enjoying watching Goldman squirm, and they have brought a lot of the criticism on themselves, but get off your high horses.

As for the original post, no Goldman are not in their death throes, and no, public criticism and a civil lawsuit are not whatsoever similar to a bankruptcy. Long term, Cohn and Blankfein are toast though IMO.

 

With the large amount of transparency we have developed over the years after several accounting scandals, trading scandals, and others.... I doubt Goldman has anything major to hide. That being said, calling Goldman dirty is really without a doubt, baseless. There are simply too many eyes on the financial statements. Goldman's strong performance will not make it the same as Lehman. It's just fundamentally impossible.

If SEC finger-pointing Goldman for selling MBS, then ALL banks are guilty of the same crime. Goldman will either survive the lawsuit, or they will bring down the rest of Wallstreet with them to the end of it all.

Will this a story of Americans destroy their own banks? The world is watching. I can see Credit Suisse, BNP Paribas, and Barclays laughing behind their backs.

 

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