• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Bill Cohan: Former Goldman Employee Greg Smith is 'toast'

Bill Cohan, author of "Money and Power: How Goldman Sachs Came to Rule the World," spoke this morning to Bloomberg TV's Margaret Brennan this morning, saying that "Goldman's culture has gotten off the tracks" and that Greg Smith's career on Wall Street is "toast" after writing an Op-Ed in today's New York Times.

Courtesy of Bloomberg Television

 

On Goldman:

"Goldman's culture has gotten off the tracks. They espouse this idea of the client comes first but in fact, we know time and again, whether it's the Abacus transaction or a number of other things that they did in the financial crisis beginning in 2006 when they put the big short on and they continued to sell mortgage-backed securities to their clients at par, that Goldman has been putting itself first."

On Greg Smith:

"He obviously knows how Goldman treated derivatives clients and he knows what he did with his own derivatives clients. Whether or not he understands the Goldman strategy overall, he's not on the management committee or even a partner of the firm. I'd never heard of him before, not sure what that means. But the point is that he knows what he knows and is obviously frustrated."

"He's toast. He is completely toast in terms of Wall Street, no question about that. He is in the witness protection program right now."

 

Back to homepage

Leave a comment

Leave a comment