Best of the Week
Most Popular
1.Crude Oil Price Trend Forecast 2016 Implications for Stock Market - Nadeem_Walayat
2.Odds of Winning Walkers Crisps Spell & Go olidays K, C and D Letters - Sami_Walayat
3.Massive Silver Price Rally During The Coming US Dollar Collapse - Hubert_Moolman
4.Pope Francis Calls For Worldwide Communist Government - Jeff_Berwick
5.EU Referendum Opinion Polls Neck and Neck Despite Operation Fear, Support BrExit Campaign - Nadeem_Walayat
6.David Morgan: There Will Soon Be a Run to Gold Like You've Never Seen Before - Mike Gleason
7.British Pound Soars on BrExit Hopes Despite Remain Establishment Fear Mongering - Nadeem_Walayat
8.Gold Price Possible $200 Rally - Bob_Loukas
9.The Federal Reserve is Not Going To Raise Interest Rates and Destroy Gold - Michael_Swanson
10.Silver Miners’ Q1’ 2016 Fundamentals - Zeal_LLC
Free Silver
Last 7 days
David Cameron Questioned on Out of Control Immigration at TEN TIMES Conservative Election Pledges - 30th May 16
Bitcoin Price Skyrockets And Is Now Up More Than 100% This Jubilee Year - 30th May 16
This Is Not The America My Parents Immigrated To In 1957 - 30th May 16
“Debt, Not The Economy, Reaches Escape Velocity” With Graham Mehl - 29th May 16
EU Referendum, Black Vote LEAVE or REMAIN? Which is Worse for Racism for Britain's Ethnic Minorities? - 29th May 16
Billionaire Gross: Jubilee Debt Relief as Prelude to New Global Economic Order - 29th May 16
Wargaming North Korea - Assessing the Threat - 29th May 16
EU REMAIN Population Forecasts - England 4.1 million Explosion, London Migration Crisis - 28th May 16
A Guide to the Trump-Sanders Debate - 28th May 16
Gold And Silver – At Significant Support. New “Story” Developing - 28th May 16
The Next Systemic Lehman Event - New Scheiss Dollar & Gold Trade Standard - 27th May 16
Energy and Debt Crisis Point to Much Higher Silver, Metals Prices - 27th May 16
Gold Junior Stocks Q1 2016 Fundamentals - 27th May 16
These Crisis Markets Are Primed to Deliver Big Gains, Platinum Never Cheaper! - 27th May 16
Operation Black Vote BrExit Warning for the Wrong EU Referendum - 27th May 16
UK Immigration Crisis Hits New Extreme, Catastrophic ONS Migration Stats Ahead of EU Referendum - 27th May 16
Many of the World’s Best Investors Made Their Fortunes This Way…And You Can Too - 27th May 16
The Ugly Truth About Stock Market Manipulation and Gold Prices - 27th May 16
Gold Price Looking Vulnerable While Gold Stocks Correct - 27th May 16
The 5 Fatal Flaws of Trading - 27th May 16
The Next Big Crash Of The U.S. Economy Is Coming, Here’s Why - 27th May 16
A New Golden Bull or Has the Market Gone Too Far Too Fast? - 27th May 16
It Feels Like Inflation - 26th May 16
Negative Interest Rates Set to Propel the Dow Jones to the Stratosphere? - 26th May 16
S&P Significant Low has Occurred – Not Likely! - 26th May 16
Statistics for Funeral Planning in UK Grave - 26th May 16
Think Beyond Oil And Gold: Interview With Mike 'Mish' Shedlock - 26th May 16
Hard Times and False Mainstream Media Narratives - 26th May 16
Will The Swiss Guarantee 75,000 CHF For Every Family? - 26th May 16
Is There A Stocks Bear Market in Progress? - 26th May 16
Billionaires Are Wrong on Gold - 26th May 16
How NOT to Invest in the Gold Market - 26th May 16
The Black Swan Spotter...Which Saw the Oil-Crash coming; now says the “Invisible Hand” will push Brent to $85 by Christmas - 26th May 16
U.S. Household Debt Still Below 2008 Peak - 25th May 16
Brexit: Wrong Discussion, Wrong People, Wrong Arguments - 25th May 16
SPX is at Strong Resistance - 25th May 16
US Dollar, Back From the Grave? - 25th May 16
Gold : Just the Facts Ma’am - 25th May 16
The Worst Urban Crisis in History Could be Upon Us - 24th May 16
Death Crosses Across The Board Are IRREFUTABLE Stock Market Sell Signals - 24th May 16
Bitcoin Trading Alert: Bitcoin Price Stays below $450 - 24th May 16
Stock Market Crash Death Cross Doom Prevails - 23rd May 16
Did AMAT Chirp? Implications for the Economy and Gold - 23rd May 16
Stocks Extended Their Rebound On Friday - Will They Continue Higher? - 23rd May 16
UK Treasury Propaganda Warns of 3.6% Brexit Recession, the £64 Billion Question? - 23rd May 16
Stock Market Support Breached, But Not Broken! - 23rd May 16
George Osborne Warns of 18% Cheaper House Prices - BrExit for First Time Buyers - 22nd May 16
Gold Bull-Phase I Continues to Confound (The Trek to “Known Values”) - 22nd May 16 r
Avoiding a War in Space - 22nd May 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Why 95% of Traders Fail

Goldman Sachs Should 'Stop Saying' It Puts Customers First

Politics / Credit Crisis 2012 Mar 29, 2012 - 10:19 AM GMT

By: Bloomberg

Politics

Best Financial Markets Analysis ArticleFormer SEC Chairman Arthur Levitt, who serves as a senior policy advisor for Goldman Sachs, spoke to Bloomberg TV's Erik Schatzker this morning on "Inside Track." Levitt said that Goldman should "stop saying" the firm puts customers first and that Lloyd Blankfein's "future is determined really by what the business is over the course of coming months."


On whether Greg Smith's Op-Ed had any impact on recent changes at Goldman:

"You know enough about the media to know that when a story like this percolates and a Greg Smith comes up -- and he comes up not just here but in Credit Suisse and Morgan Stanley -- it raises to a level that's beyond its merits. Greg Smith was there for a number of years - why did he surface just recently? I don't think that determines the fate of the company. I personally believe that something that's awfully important -- we talk about putting customers first -- I think we probably ought to stop saying that. Nobody really puts customers first. Business is a tension between sellers and buyers. That tension always exists."

On why Goldman Sachs should stop saying the firm puts customers first:

"I would not emphasize that beyond its merits and I would always point out that there is a logical, reasonable, fair, understandable tension between a seller of a product and a buyer of a product. It's not to say that buyers should beware. It's to say there should be transparency but on the other hand, let's not create a fellowship of buyers and sellers which will march into the sunset."

On whether Goldman would be tarnished if they said they don't put customers first:

"Goldman Sachs is distinguished because they do it better than everybody else, not because of any tagline. This is an advertising issue. It's become a PR issue because the media has made it such. I am saying that Goldman shouldn't play to that. They should play to their competence which is considerable. Lloyd's coming or going is no different than the comings or goings of any other great corporate executive. His time will come, undoubtedly. Each episode doesn't lead one step further to that event. I think we emphasize each episode much too much."

On why Goldman created the "lead director" position:

"Not everybody agrees that splitting the roles is a good thing. I was part of a panel that was created by the Business Council several years ago on this issue and we decided that for some companies, a split role doesn't make sense. For others, it makes a lot of sense. I think the Goldman's board felt that because of Lloyd's talent, and because of their own situation for the time being, they didn't want to split the roles. This union which is the municipal workers' union here in New York feels very compellingly that the roles should be split but also that there should be a lead director. I think the board and management at Goldman Sachs conceded that point."

On whether the lead director position for John Bryan is any change at all:

"I think there's clearly a change because we have to take this in the context of everything else that has gone on around Goldman Sachs - the business standards group, the pressure that's been put on them by the media. Creating a lead director and whomever that will be, will be a very powerful guy is a concession to a member of the board will have more power. I think there will also undoubtedly have their independent members meet and I think that alone will be a new standard."

On how these changes impact Lloyd Blankfein and Gary Cohn's roles:

"I don't know why people focus on the part of it. I don't think Gary Cohn enters into the equation. He's a very senior guy at the company and he helped formulate this decision but this has nothing to do with his strength in the corporate galaxy. As for Lloyd, I think his future is determined really by what the business is over the course of coming months."

bloomberg.com

Copyright © 2012 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife