Money Business (賺錢遊戲)

匿名俠語錄:
投行靠mud賺錢? 哈哈, 就咪係靠呃客戶或串同客戶呃投資者賺錢 XD
mud投資者最易呃? 咪係有D部份傻仔機構投資者同埋一般巿民lor  XD

It is interesting to read about the disgruntled resignation of Greg Smith, someone seemingly senior from Goldman Saches, due to his self-consciousness in the news today. From Anon Xia's point of view, this is really not surprising:

In this increasingly competitive world among investment banks as well as increasingly scarce good investment opportunities, investment banks have to earn money by cheating cheating small-to-medium sized corporate clients or colluding with corporate clients to cheat investors, especially those stupid institutional investors and the generally unsophisticated retail investors. This is how the chain of money business works.

You can read more about Greg Smith's resignation below:
http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=4&hp

"TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.
...............""

Although Goldman Sachs issue a statement of refute, it is fairly weak:
http://blogs.wsj.com/deals/2012/03/14/goldman-rejects-claims-made-by-disgruntled-executive/?mod=e2fb
It is true that Greg Smith isn't that super senior in Goldman Saches (an E.D. in GS is a V.P. in most other banks). But that doesn't discredit his story.

Borrow the phrase from Citron:
Caucious Investing to All!!!