I despise Goldman, but this time they should appeal.
Salesmen at this level of the industry service huge institutional and high net worth accounts. The client expects them to be available when contingencies arise, as they do — frequently at inconvenient times. When each account amounts to hundreds of millions in various investment positions, a lot of money is at stake, and it’s not unreasonable that clients should expect their concerns will be speedily resolved. It’s a basic job requirement.
Did this stockbroker and his partner cover accounts jointly, so that one could handle problems when the other was unavailable? That would have been reasonable — something physicians do so patients won’t be left in the lurch. But if you handle accounts individually, you can’t simply check out for a week or two and be surprised when things blow up and people are upset about it.
Unless Goldman didn’t know of the broker’s Army Reserve status they should just pay up.
I too hope that they appeal the settlement seems hardly just and the award amounts to ‘pocket change’ which Goldman will soon ‘earn’ (steal) back for its clients or the government.
Managers always have back ups...see vacation time.
"...because Barra was “chastised and retaliated” against..."
Absolutely no excuse for this and the Reservists are protected under the USSRA. If Goldman scum had a problem with his Reserve status, they should have cut him loose...sorry, no excuse for not knowing the law and the circumstances of being a Reservist.
There is a law regarding reservists and employers. And the employer can’t say “yeahhhh,, but he’s a high level salesman”.
Goldman is corrupt. Why would they think they should obey this law when they got away with their subprime frauds without a scratch? They packaged crap loans and sold them as high quality investments.
But let a car dealer sell a flood car as new, or a food producer sell mislabeled food, and watch what happens.