You could call Goldman Sachs the greatest market manipulator and cry foul at every announcement that it makes. Yet, in an unrivalled environment, the best option is to learn from the Alpha male of Wall Street – the brat of the whole lot! by gyanendra kashyap
“The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money!” This is how Goldman Sachs, a bank-holding company with a market-cap of $90.74 billion (aptly termed 'Government Sachs' – thanks to its former employees like Robert Rubin, Henry Paulson, et al, who took up high positions as Treasury Secretaries) is described by Matt Taibbi, Contributing Editor, Rolling Stone magazine; a libertine description, which Goldman Sachs' Chairman and CEO Llyod Blankfein accepts, in a statement to TIME, would stay with him forever. The vampire squid description is a metaphor that Taibbi draws from a combination of highly aggressive Sachs' scabrous characteristics, topped up now by allegations against it relating to bonus distributions.
But the truth is that Goldman Sachs lives on as an excellently performing entity in a country that embraces profit-making as its primary motive. And despite the level of commimatory resentment directed at Wall Street’s most astute, most opaque firm by social and media groups, the fact is that finally, when you push the pen on the balance sheet, the vampire squid seems to have performed better, and fantastically so, than all those financial institutions harping the concept of 'ethical' and 'socially responsible' functioning. It's time that global financial institutions started learning this brilliant art of being indecorously unethical and socially irresponsible, and of making billions out of the dungeons of recession.
How successful has Goldman Sachs actually been? Obscenely! To begin with, they repaid the $10 billion Troubled Asset Relief Programme package they had received from Obama; the consecutive profit-making quarters (net earnings of $3.19 billion in Q3, 2009 and a staggering $35.65 billion during the nine-month period leading to Q3, 2009; and that too excluding the bonus pool) helping it do the same...and more. Chairman Lloyd trenchantly cleared the announcement of fat bonuses to Goldman's top performing employees (totalling a gut-wrenching $20 billion). Coming at a time when, by large, people all over the US are still fighting hard to wake-up from a financial calamity, the masses condemned the bonus payouts quite raucously, especially as Goldman Sachs did not work the last mile to provide intelligent media communication to get their message across, of why the bonuses were appropriate. Anna Greenwood, a member of Goldman Sachs' communications team in the US, although inviting B&E's queries, had not responded by the time we went to print.
“The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money!” This is how Goldman Sachs, a bank-holding company with a market-cap of $90.74 billion (aptly termed 'Government Sachs' – thanks to its former employees like Robert Rubin, Henry Paulson, et al, who took up high positions as Treasury Secretaries) is described by Matt Taibbi, Contributing Editor, Rolling Stone magazine; a libertine description, which Goldman Sachs' Chairman and CEO Llyod Blankfein accepts, in a statement to TIME, would stay with him forever. The vampire squid description is a metaphor that Taibbi draws from a combination of highly aggressive Sachs' scabrous characteristics, topped up now by allegations against it relating to bonus distributions.
But the truth is that Goldman Sachs lives on as an excellently performing entity in a country that embraces profit-making as its primary motive. And despite the level of commimatory resentment directed at Wall Street’s most astute, most opaque firm by social and media groups, the fact is that finally, when you push the pen on the balance sheet, the vampire squid seems to have performed better, and fantastically so, than all those financial institutions harping the concept of 'ethical' and 'socially responsible' functioning. It's time that global financial institutions started learning this brilliant art of being indecorously unethical and socially irresponsible, and of making billions out of the dungeons of recession.
How successful has Goldman Sachs actually been? Obscenely! To begin with, they repaid the $10 billion Troubled Asset Relief Programme package they had received from Obama; the consecutive profit-making quarters (net earnings of $3.19 billion in Q3, 2009 and a staggering $35.65 billion during the nine-month period leading to Q3, 2009; and that too excluding the bonus pool) helping it do the same...and more. Chairman Lloyd trenchantly cleared the announcement of fat bonuses to Goldman's top performing employees (totalling a gut-wrenching $20 billion). Coming at a time when, by large, people all over the US are still fighting hard to wake-up from a financial calamity, the masses condemned the bonus payouts quite raucously, especially as Goldman Sachs did not work the last mile to provide intelligent media communication to get their message across, of why the bonuses were appropriate. Anna Greenwood, a member of Goldman Sachs' communications team in the US, although inviting B&E's queries, had not responded by the time we went to print.
Source : IIPM Editorial, 2012. An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
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and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
