Hello Muppets

Listen to Dave
Ross Commentary: Hello Muppets

It seemed to shock the financial world. Goldman Sachs
Manager Greg Smith publishes his “I Quit” letter in The NY
Times, saying colleagues openly talked about ripping off
clients even called them muppets. He made Goldman Sachs
sound evil.

And he may be right about Goldman Sachs the
corporation, but having gone to the website, I know that
Goldman Sachs the corporate person, is hurt today.

It’s suffering some real corporate pain, the pain of a
corporation that’s been misunderstood.

For example, its website quotes a client survey in
which 89 percent rated their service exceptional.

And there’s even a video about Goldman’s 10,000 Women
Initiative to encourage female entrepreneurs in
developing countries.

“In the Goldman Sachs 10,000 Women Initiative, I was
able to create a professional business plan that focused
on my labor force,” said one woman in the video.

That doesn’t sound evil.

But now here’s the reality, which do most investors
prefer: a nice cuddly corporate person who gets you a
modest return, or a Wall Street Death Star that makes you
sloppy rich?

Goldman will survive this and you know why? Because,
and I speak as someone who on occasion has bought stocks,
we ARE Muppets. What do we really know about investing?
We watch the Fox Business channel and let Neil Cavuto
stick his hand up our backs.

And so Goldman Sachs, cuddly or not, you’ll get through
this. Just one word of advice, don’t let 2008 ever happen
again, or we’ll wring your anthropomorphized neck.

Subscribe to the Dave Ross Commentary podcast

You might also like:
Take this job and shove it! Luke recounts his greatest resignation
Radke: Darth Vader – Why I left the Empire