Former Goldman Sachs exec Greg Smith has set a new standard for burning your bridges.
Smith 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.
Not surprisingly, my column on outrageous executive salaries in Sunday’s News Sentinel drew mixed reaction from readers.
Some questioned my intelligence. Others said my criticism was on target.
I appreciate all the commenters who took the time to share their opinions, even Flyincnp who described my column as the “dumbest, most uninformative, waste of paper & print I’ve ever seen in the Sentinel.”
For those of you keeping score, legal challenges to health care reform are now 3-2 in FAVOR of reform. A third judge this week tossed out a lawsuit challenging reform on constitutional grounds. Two judges previously ruled against it.
Despite what some on the radical right would have you believe, rejection of the health care reform law is not a given.
Here are a couple of reports on the recent ruling. One from the left and one from the right.
Bailing out banks is proving to be a money-maker for U.S. taxpayers. Whether or not you agree with the politics of the bailout, there’s no denying the Troubled Asset Relief Program has paid off for the U.S. Treasury.
Most of the money has been repaid, although a handful of banks have yet to pay us back for keeping them alive.
“Of the $205 billion the Treasury doled out to 707 banks, $137 billion has been repaid. From the 61 banks that have fully repaid, the Treasury has earned a tidy $13 billion profit,” Forbes.com reports.