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They were doing.
Very well certainly by their shareholders hate they were doing quite well on they've they've looked at this and said what we're doing what our mandate is and -- to make money for shareholders but I guess your point was with the clients of which.
You at one point had about a trillion in client assets you were overseeing as you stated on.
But you were -- twelve -- step.
Here here's the sense that I get -- a little bit I mean I understand that everybody has these come to Jesus moment have been at work and you -- wow -- -- really proud of what I'm doing.
But this stuff it's like the greatest -- the way you were describing it and I'm thinking.
Is Cisco I am grateful is he naive I mean and that you talked about it 9/11 how.
Somebody immediately contacted you and if you with thousand dollars from the firm for clothes in a place to stay and paid for your hotel and it it strip is a little ungrateful doesn't mean to -- you don't need to stick by somebody even when they start doing something wrong which is what you say they were doing.
At a certain point which is not keeping clients' interests first step but.
A full ungrateful not look I I worked hard for the from the fact you have.
By the time left affirmed that the way that Goldman and -- the Wall Street firms and make a lot of them mining are -- very non trans -- things that border on unethical and it's.
-- -- of taking a -- retirement fund and overcharging them -- five million dollars to that I understand a product or.
Walking this fine line between.
Betting against your client -- telling them about this and which was the quote abacus deal guy and they settled firm thought more than 500 million yeah it was the biggest settlement history but what I what -- like review scenario is abacus was not an isolated example this type of -- -- of of misleading clients and not telling them your real intentions is still guy on today and while the financial media accepts this as just the way Wall Street works I'd like to viewers tonight that this should not be accepted because.
This affects people through their mutual funds if borrowing -- and their pension funds.
I did not write this book -- this story to.
-- Goldman Sachs some matches to try to reminder to get back to water once one.
But it did because the day after this op Ed in the New York Times.
More than two billion in market cap was sliced off the company so it did hurt it but.
I I look at this and I -- you know the one thing that jumped out of me was this thing that you call axes AXPS.
And you say these are positions on Goldman's books that they wanted to get rid of so they would almost.
It's like selling.
Meat that's expired already has to a customer that has returned constantly union said that this is like you're selling them about -- to get -- -- Goldman's books yeah I it's it's been aside from abacus how many others of those do you say their work.
It's it's -- constantly and and you know I give an example the buck lost some -- in Europe was teetering on the verge of bankruptcy.
Every 2 days in our morning -- meeting Coleman was changing its view on what it was telling clients is gonna happen just say could put its on -- on and in my view.
If you wanna be a hedge fund that's fine then just announced in the marketplace -- hedge fund but if you want to take government support.
And you want to keep saying your clients' interests always come first.
-- actually act that way and unfortunately I think it's very misleading the public debt and that ultimately that's a reason -- the book you know Goldman's very mysterious place.
And I wanted to show general Rita knocked knocked a Wall Street audience how it actually works the good parts and the bad.
-- in the first part of the book I was thinking to myself this is one unbelievably motivated and creative and supportive place that's what Goldman Sachs look like to me from your book and and and then Sutton -- then obviously you you had a moment where you had to you -- came to a realization that things have changed in the culture.
We'll well OK I was an amount wasn't a moment I there was more at what they were too I -- ought to the fraud lawsuit -- -- to Asia to speak with one of the firm's biggest clients and myself and Goldman partisan in the room and the -- looks as an eye and says that he be honest we -- -- Goldman Sachs but you've done -- -- why are you gonna keep doing business -- -- Not in my mind this is the worst thing you can hear from a client when your mantra is our -- -- come first.
For the Goldman pogrom which is celebrating this is great news we're gonna keep getting.
The business and keep getting bonuses for two more years and unfortunately that's what that the firm has become you know where.
You said the stock price Goldman stock price has not really moved in the last ten years and during that time -- hundred billion dollars of bonuses have been extracted from the.
Bonds well let's take a look at a ten year picture to see what sure what you're talking about but other than that over the past year it's up about 12% I would say that's that's somewhat of a decent -- let me just say this.
The people who are criticizing -- and and you know it it.
-- -- character assassination going on here they say that you wouldn't made up names but I this one character Rudy blocker who was very supportive to you with the emerging markets desk.
Yeah you tell me that's a real name and and you really loved -- -- still in touch or has everybody turned their backs on you over Goldman.
None are all I have -- under review since the book and and he agrees that and frankly I've heard from now you're gonna get him hacker is still there I'm not being requested them an industry -- but I've heard from multiple managing director is a Goldman and quietly people acknowledged that they're continuously being honest to -- morally dubious decisions -- Unfortunately the system is working too well for people on Wall Street and they take this is a threatening thing went where you actually give constructive criticism -- I would say to people if if Wall Street wants to be a more sustainable industry it needs to become more trans parent.
And the surest way you can see that is look at how the stock market is valuing Goldman and Morgan -- -- JPMorgan.
Hello liquidation -- and what that's telling you.
Is the market itself doesn't like this model where -- zero visibility it's -- -- casino system where your -- and I would like your -- to read the book so that could just understand what goes on and Goldman not not the terrible -- -- the good stuff and the bad.
So while there -- should work I would say there were a lot of good things I thought you know five were interested in that industry on the outside of that I feel kind of lucky to work there but you know as you say you you have this this.
Realization the book is called why I left Goldman Sachs Greg Smith.
Some people call -- of others say brave but thank you for coming on speculation at a.
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