Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: grusum who wrote (239217)	2/24/2010 12:04:14 PM
From: MulhollandDrive	Read Replies (2) \| Respond to of 306849

oh it's changing, but it can't happen fast enough....just check out what this voted out sociopath has to say about squiddie....even as they get the boot, they still don't get it: bloomberg.com Goldman Is Unpopular Because 'It Brings Envy,' Corzine Says Share Business ExchangeTwitterFacebook\| Email \| Print \| A A A By Michael J. Moore and Deirdre Bolton Feb. 24 (Bloomberg) -- Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, is unpopular because some people envy its performance, said Jon Corzine, the company's former chairman and chief executive officer. "When you're successful it brings envy," Corzine, 63, said today in a Bloomberg Television interview. "People are broadly frustrated with the financial institutions, and since it is the leader of the industry and has shown great success over a long period of time, I think it's more vulnerable." Goldman Sachs posted a record $13.4 billion profit in 2009, a year after receiving $10 billion in taxpayer aid during the financial crisis. It repaid the funds in June. The company, led by CEO Lloyd Blankfein, has been criticized by lawmakers and pundits for issues from its pay practices to its role in helping Greece raise off-balance-sheet funding and report smaller debt. Responding in part to that public pressure, Goldman Sachs subtracted $519 million in the fourth quarter from the compensation fund set aside during the year and instead made donations to a company philanthropy. Wall Street employees "need to be a little more humble in the overall scheme of public society," Corzine, the former governor of New Jersey, said in a later Bloomberg Radio interview. "People are very frustrated, angry about the compensation issues, particularly in the context of what people perceive as bailouts of each and every one of the folks that participated." Greece 'Transparency' Corzine said Goldman Sachs probably could have benefited from more "transparency" related to the currency swap arranged for Greece, which European Union regulators said they knew nothing about until recent days. He said the "ethos" of serving clients and shareholders still remains at the firm where he spent more than 20 years, before leaving in 1999. "Lloyd, in my view, has done a much better job than some of the publicity surrounding him," Corzine said. "This was an incredibly challenging time for any financial institution, and that institution has gotten through this better than most, held the team together better than most, and has continued to serve clients better than most."