Thursday, March 15, 2012

Gold In Sacks! Financial Links for 3/14/2012

I found GS street propaganda, ha
Interesting news out today (and some GS street propaganda).

Top News: Greg Smith, a former UK Goldman Sachs executive in U.S./LatAm equity derivative sales in Europe, resigned from Goldman and wrote a negative op-ed in the New York Times about the firm. Below are a bunch of articles on it, and this week I found some GS street propaganda (perfect timing). They just hired a new PR guy, which is interesting: Goldman Hires a New P.R. Chief. Why doesn't Goldman hire a social media firm, and start blogging, tweeting, facebooking, cross posting research, etc? I see the Federal Reserve just registered a Twitter account.

Why I Am Leaving Goldman Sachs (NYT)

"What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym."
"I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients"

Dang! But, if you've been reading Zero Hedge for the past 3 years, or watched the congressional hearings during the financial crisis (videos: 1, 2 and 3), this is old news. Here is everything you need to know about GS:

Goldman's response in an employee memo: We Were Disappointed to Read Assertions (WSJ)

Wise Up on Goldman Sachs: Bloomberg Businessweek Opening Remarks by William Cohan (Bloomberg)

Yes, Mr. Smith, Goldman Sachs Is All About Making Money: View (Bloomberg)

The ballad of Greg Smith (Felix Salmon)

Yves Smith Speaks on RT TV About Goldman’s Predatory Culture and the Latest Stress Tests (NakedCapitalism)

Public Rebuke of Culture at Goldman Opens Debate (DealBook)

Greg Smith Might Just Make You Feel Sorry for Goldman (WSJ)

A Civil War at Goldman? (John Carney at NetNet)

On Leaving Goldman Sachs… (Pragmatic Capitalism)

Elijah Cummings Is First Political Muppet To Issue Goldman Op-Ed Response (Zero Hedge)

Two Billionaires Side With Greg Smith Against Goldman (Forbes)

The Sad State of Goldman, Merrill, et. al. (Ritholtz)

Public Exit From Goldman Raises Doubt Over a New Ethic (New York Times)

Departing Goldman banker slams 'rip-off' culture (Reutersr)

This is interesting: "Mr. Smith’s role is actually vice president, a relatively junior position held by thousands of Goldman employees around the world." (DealJournal via Business Insider)

Finally, a Goldman Sachs Executive Speaks the Truth (Former Goldman investment banker John Talbott at Huffington Post)

Spoof: Why I am leaving the Empire, by Darth Vader (The Daily Mash)

And this is somewhat related, wow: Bank of America: Too Crooked to Fail (Matt Taibbi at RollingStone)


Market and company news:

Nomura Explains What's Behind The 'Seismic Break' In The US Treasury Market (Business Insider)

Mortgage-Bond Yields Soar By Most Since 2010 (Bloomberg)

Debt Crisis Shocker: The US Is No Longer Completely Screwed -charts (Henry Blodget at Business Insider)

Japan's Shocking Keynesian Slip: "We Are Worse Than Greece" (230% Debt/GDP) (Zero Hedge)

JGBs dive in futures-led selloff on weak U.S. debt (Reuters) Update

Fitch revises UK to negative outlook (FT Alphaville)

Hedge Funder John Taylor Explains Why The Yen Has Been Tanking (Business Insider)

Doug Kass: This Chart Of Apple Looks Exactly Like Google Did Right Before The Economy Completely Melted Down (Business Insider)

S&P 500 Trading Range and Breadth Charts (Bespoke Investment Group)

Biderman on Dow 6000 (Zero Hedge)

Cash is at record levels: Apple Spurs Record $1.24 Trillion Company Cash, Moody’s Says (Bloomberg)

A US corporate cash update w/ graphics (FT Alphaville)

Understanding the New Price of Oil by Gregor Macdonald (ChrisMartenson.com)

Chinese Economy Already in ‘Hard Landing,’ JPMorgan’s Mowat Says (Bloomberg)

China property market risks chaos if controls eased: Wen (Reuters)

Satyajit Das: “All Feasts Must Come to an End” – China’s Debt & Investment Fueled Growth (Part 1, Part 2 at Naked Capitalism)

Developed economies to pick up steam in 2012: Reuters poll (Reuters at Yahoo)

The looming U.S. labor shortage (MarketWatch)

LinkedIn Industry Trends (Ritholtz)

Ex-Google employee says Google+ has ruined the company (CNN Money) (What? G+ is better than Facebook)

Twitter Feed Is Fed’s Latest Effort to Reach Out to Public (Bloomberg)

Google Gives Search a Refresh (WSJ)

A Start-Up Ecosystem Forms in Chicago (WSJ)

After 244 Years, Encyclopedia Britannica Stops the Presses (NYT Media Decoder Blog)

Yahoo Sues Facebook for Patent Infringement, Which Social Network Calls “Puzzling” (Including Filing) (AllThingsD)

Charges Filed Against Brokerage Firms That Trade Private Shares (DealBook)

Activist investors take aim at zombie hedge funds (Hedge Funds Review)


Europe:

Riches to rags for Spanish towns (Reuters)

Greek Students Fight Stray Dogs and Despair Amid College Cuts (Bloomberg)

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