Tuesday, Jun 17, 2008
Big job cuts at Goldmans
City A.M.: Goldman Sachs lays off hundreds of investment bankers
It's allegedly sackiong 25% at VP level; just the demographic that are likely to beu p to their eye balls
in 6-10 x salary mortgages and never though property prices would fall.
Posted by doomwatch @ 09:57 AM (955 views) Add Comment
13 Comments
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1. Fatjock said...
Oh dear and who said there was no justice in the world?
2. icarus said...
Goldman Saching.
3. Fatjock said...
Hmm a lot more Porsches up for sale in Autotrader this week then...
4. japanese uncle said...
This company has the most powerful source of information as well as the most effective manipulation unit within the White House, to make the world's easiest billions by shorting or whatever. Simply an abuse of galactic scale! I don't think they are the best and the brightest at all, but certainly the greediest and the most mostrously shameless and scheming in history.
5. letthemfall said...
Quite agree JU. Bankers in these positions rake in huge sums, not because they create huge wealth, but because they are in a position to filter off a generous portion of the immense cash flows associated with the business. The 'brightest and the best' has always been a lie - their intellectual, not to mention moral, weaknesses have been sharply exposed over the past year.
6. icarus said...
JU - 'twas ever thus. The Wall Street elite - JP Morgan, the Rockefeller Chase Bank and the Warburg Manhattan Bank, aided by the Fed and the Bank for International Settlements - controlled nearly all the US and German companies (General Motors, General Electic, DuPont, Standard Oil of New Jersey, IG Farben and Ford (they didn't control the last)) that were intimately involved in the growth of the Nazi war machine in the '30s and beyond.
7. Old Sage said...
What did I tell you folks last week. And someone said (?)..it'll never happen...
8. japanese uncle said...
Indeed, exactly as "One murder makes a villain; millions a hero. Numbers sanctify", An insider trading for thousands makes a villain, billions a hero. Amount sanctify."
9. drewster said...
@letthemfall,
Many of these people truly are the brightest and the best - Goldman is reputed to only hire the best candidates. It's a crying shame that their talents have been wasted on shuffling around money and swindling investors. In a better world they might have become scientists curing cancer or engineers building trains that run on time. Instead the bright kids coming out of school see pound signs flashing in front of their eyes and plump straight for a career in banking. This isn't a freak of capitalism - successive governments have let this happen!
10. japanese uncle said...
It is a wrong world in which people are evaluated by the amount of money he/she makes rather than how he/she contributed to the welfare of the millions. At the end of the day they will come to learn not to care a sh-t about murduring millions just to make billions, which is exactly what they are doing.
11. Stevie Dee said...
I might apply for a job there.
12. icarus said...
drewster - "scientists curing cancer" - they'd probably be working in the pharmaceutical industry, which cares about as much for human welfare as the financial "services" industry does.
13. Orwell said...
No before time. Wonder how many jobs in London will be lost in total?