Tag Archives: Goldman Sachs

Alcoa says being dumped by DJIA no big deal

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa.  (Paul Efird/News Sentinel)

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa. (Paul Efird/News Sentinel)

After being booted from the Dow Jones Industrial Average earlier today, aluminum company Alcoa Inc. rushed to assure shareholders the decision was no big deal.
“The composition of the Dow Jones Industrial Average has no impact on Alcoa’s ability to successfully execute our strategy, and we remain focused on delivering shareholder value. We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive,” Alcoa said in a statement.
Alcoa, a long time component of the DJIA, has a major manufacturing operation in Blount County. The company recently announced a $275 million expansion of the Blount County plant aimed at producing aluminum for auto manufacturers.
Although the DJIA is generally considered an index of the top U.S. companies, only 30 companies are used to calculate the index. Alcoa remains on the S&P 500, which is a much broader gauge of the market.
Bank of America, and Hewlett-Packard also were removed from the DJIA.
Added to the DJIA were Goldman Sachs, Visa and Nike.
The changes take effect Sept. 23.
Click here for Alcoa’s full statement.

Burning your bridges with style

Former Goldman Sachs exec Greg Smith has set a new standard for burning your bridges.

thumbnail.aspx.jpegSmith didn’t resign with a graceful note to HR. Nope. He blasted his former employer with an editorial in The New York Times. He questioned Goldman’s “moral fiber” and said he was sickened by former colleagues who put their own financial gain ahead of their clients’ best interests.

The notion that rich investment bankers would squeeze money from their ultra rich clients isn’t exactly surprising. I was, however, shocked to learn that some of the Goldman boys referred to clients as “muppets.” To turn the beloved muppets into a term of derision crosses the line.

Goldman needs to apologize immediately to Kermit and friends.

Meanwhile, the rest of us can celebrate Smith’s entertaining exit.

 

 

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Goldman Sachs’ promises not so transparent

ProPublica columnist Jesse Eisinger offers a withering take on Goldman Sachs’ promise last week to behave better and be more open about its business dealings.

In a nutshell, Eisinger finds the 63-page Business Standards Committee Report a public relations stunt.

” … Some of it was welcome, like the increased financial disclosure. Some may fall by the wayside, like most New Year’s resolutions. Some seems as disingenuous as any piece of professional flackery,” Eisinger writes.

Eisinger’s column: Goldman’s Self-Help: Eat, Pay, Trade

Goldman Sachs’ Business Standards Committee Report

Dumb e-mail mistakes

Repeat after me: E-mail can get you in trouble.

One would think that by now allegedly smart people — like the boys at Goldman Sachs — would understand that e-mail lasts forever. If you write something stupid or incriminating, eventually it will come back to haunt you.

If your language is particularly colorful, it will go viral and your mother is going to hear about your potty mouth from people she doesn’t know.

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