Goldman Sachs just fought back and called Greg Smith: “An Insignificant Peon With No Responsibilities”
So, what can I take from this?
A. Vice-Presidents are like flies at Goldman.
B. He is a peon who is the only employee in the derivatives business that he heads but that same division which spans Europe, the Middle East, and Africa.
The takeaway: Peons who are given the title of VP trade derivatives basically by themselves with little oversight. That pretty much explains everything.
Goldman has lots of business lines with only one guy on a desk........ covering all of EMEA !!
And of course, the honorable Senator/Governor Jon Corzine of MF Global fame used to be the CEO of Goldman Sachs...
Who would want to trust his money on such an operation?
LOL!
“So, what can I take from this?
A. Vice-Presidents are like flies at Goldman.
YES - until you make Managing Director you ain’t squat!
B. He is a peon who is the only employee in the derivatives business that he heads but that same division which spans Europe, the Middle East, and Africa.
He wasn’t the only employee in the derivs desk! - he was a liaison for a desk associated with the global derivs desk -
ROTFLMAO!
He was not in charge of EMEA or EAFE or any acronym you want to throw out there!
“The takeaway: Peons who are given the title of VP trade derivatives basically by themselves with little oversight. That pretty much explains everything.”
No - you manufactured that little part - he wasn’t involved in any trading - in fact they relegated him to the liaison desk which is pretty much a demotion to a desk with no client or risk application!!
Goldman has lots of business lines with only one guy on a desk........ covering all of EMEA !!
You don’t get it - LOL!