Goldman Sachs partners, who sold out their clients to enrich themselves. Hey, I suppose if you’re dumb enough to trust these shysters, you deserve to lose your fortune, but it sure isn’t Kansas anymore.
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For What It’s Worth · Greenwich, Connecticut real estate, politics, etc.
To paraphrase one hedgie: GS is much like mob; one needs several IBs as prime brokers and trading partners, so need to choose poisons…none of ‘em is particularly bright or honest…but need the damn utilities
That said, liquid net worth of any of top GS partners is easily dwarfed by annual (and more tax-efficient) earnings of dozens of HF guys….so it’s all relative and liquid net worth reveals much more than headline sensationalism about nominal bonuses
“I suppose if you’re dumb enough to trust these shysters, you deserve to lose your fortune, but it sure isn’t Kansas anymore.”
As the article pointed out, pension and other funds were invested in these CDOs, etc. So an individual invested in a fund is essentially divorced from transactions enacted by a fund manager. Although individuals should be more proactive and attentive to what’s happening with their money.
That said, if the taxpayers are going to be on the hook for losses in funds that invest the pensions of public servants, state attorneys general and county and city attorneys ought to be forming coalitions to seek redress, based on the shenanigans outlined in the article. They should be forcing these firms to make up the damage.
Karma’s a beyatch, too, though. If I was one of these shysters, I’d be praying I never need medical attention especially. I couldn’t sit down to a meal without wondering if the server might have spit in the soup. Did the mechanic I just used really fix those brakes? Did the guy at the tire shop fasten all those bolts correctly, or did he maybe leave one just the tiniest bit loose? Will someone really respond to that 911 call I just made and will they care I’m about to get shot by some home invader? How about that jewelry I just bought for the trophy? Real or paste? What about that front step, did the workman really fix it right, or could it collapse the minute I walk out the front door? And if I break my leg and am lying helpless sprawled on the steps, will my cell phone work? Will anyone respond? And if they do, are any of the EMTs invested in pension funds I might have had a hand in wiping out?
Feel free to add to the list. It can be cathartic.