Michael Lewis Takes On Goldman Sachs In Bloomberg Column

bloomberg.com:

July 28 (Bloomberg) -- From the moment I left Yale and started working for Goldman Sachs, I've felt uneasy interacting with those who don't.

It's not that I think less of Goldman outsiders than I did while I remained among you. It's just that I feel your envy, and know that nothing I can do or say will ever persuade you that I am no more than human.

Read the whole story: bloomberg.com

Comments

[debramorrison]

At first reading a couple of weeks ago, I was sure this was pure tongue-in-cheek…but now upon second reading ask, could I be wrong? Could Lewis be inferring that God tap his (& GS's) shoulder before acting?

If GSers are indeed forwarding this article to those who criticize them, could it (oh surely it couldn't) mean that we are to believe that GS kook aid, ahem cool aid, has served to indeed wash any sense of responsibility from their minds or souls, presuming they had some to begin with? If so, mistaking moral outrage for envy isn't surprising.

If GS's womb wasn't as big as it is, and some of its babies were left to fend for themselves in the "ordinary" world I'm sure they'd be punched delirious or dead by a few billion unemployeds, but then that wouldn't be newsworthy because it would all round to zero, wouldn't it? I'm afraid most Americans don't care what "they" look like…they just want their addresses…

MsMorrisonSpeaks.com

[PhilipTaylor]

Prosecute 5 LARGEST WALL STREET BANKS:

1. Misrepresentation of High Risk Products as Low Risk "AAA" and selling them all over the World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len Softwarwe: "The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding stolen software they developed! Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another Automated Scheme intercepts messages and insert GS Trades ahead of others trades so they can capture the BOUNCE from a Big TRADE. And it is all Automatic and ILLEGAL!

Laws on the books - LACKING IS AN HONEST ADMINISTRATION TO PROSECUTE!

Misrepresentation is a contract law concept. It means a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation.

Insider trading is trading of securities by individuals with potential access to non-public information about the product/company. Taking advantage of non-public information by an insider obtained during performance of insider's duties at the corporation, or otherwise in breach of a fiduciary duty or other relationship of trust/confidence or where non-public information was misappropriated from the company.

[Carolab]

"... nothing that Goldman Sachs thinks, nothing that Goldman Sachs feels, nothing that Goldman Sachs does --ever happens by accident."

HOW COULD IT BE ANY MORE PLAIN? Mike is saying it was a PLAN!

[Josie Gates]

read what happened to Boumeester­...

its not always good to want to speak up...

http://www.josieg6.wordpress.com

[fed U]

Americans are starting to come to their senses. The savings rate reached 6.9% last month,the highest level in 15 years. This brought the level up to the long-term average. As usual,the pundits on CNBC have concluded that now that we've reached the average, everything is roses and the consumer can resume their free spending ways and save our economy. These f0ols have no concept of history, averages or cycles.
The savings rate has been in a downward spiral for 30 years. Consumers have lost $14 trillion of net worth and 5,000 per day turn 65. Most people have minuscule retirement savings and 14.7 million are unemployed. The savings rate will go up for the next two decades as people must save.

good articles http://www.iamned.com

[Carolab]

Saving anything is extremely hard. People are selling things to put money aside.

[nomadicexpat]

the rampant demonizing of goldman is getting cumbersome . cant people be a bit more creative?

[Rog49Thomas]

Great piece.

One thing not mentioned: before the subprime crisis hit, Goldman figured it was coming and reduced its exposure in time

Yep, they're well connected and sometimes get a free ride.

But they ain't a bunch of Sister Sarahs and Joe the Plumbers.

Only two major firms now stand head and shoulders above the pack - GS and JPMC.

[Youri Carma]

GOLDEN TIMES FOR NERDS

What we are seeing is that there are companies who help you trading with Counter Flash Trading. Meaning that the software detects when your trading bid is detected by Flash software from a counterparty and swiftly millisecond you of the hook.

I predict that it won't be long or every trade is essentially software driven, no humans anymore only Terminators will do the job.

So how the heck does this benifit the real economy? Answer: Not only doesn't the real economy profit from it but it costs the real economy loads of money only to keep a rigged crony system in place with people who earn insanely to much with doing essentially notin!

This wil be a NERD WAR between the most cunning software skimming loads of money out of the real economy which is allready suffering immensely.

So, who's gonna do somtin about it? My quess is that notin will be done until this system eats itself out from the inside. People in the business won't like to see their easy money cow go. You can't rely on them cause they profit unashamedly from this rigged system.

Only somebody from outside the business could make sane decisions and unfortunately we've got nobody outside the rigged system, they are all insiders.

So, until than it's just waiting for the final countdown for the collapse.

[MurrayAbraham]

Michael who?

[Wadeblazingame34]

Michael Lewis: This piece says you were at Yale. Wiki and your books say Princeton/LSE. Typo? Also, I thought you were at Solomon Brothers, not Goldman. In fact, the tone of this whole piece doesn't sound like you. Did you even write this?

[jalowe1957]

You have to take a number and wait in line just to hate Goldman Sachs's guts these days.

[DiogenesOfAlaska]

right. Just as he said: bashing Goldman Sachs is a game for fools.

There's a moral equivalent to the 'too big to fail' problem. If somebody can afford the amount of arrogance it takes to respond to any kind of challenge by simply condescending, then that entity has grown too big to have a conscience.

[sonofsamphm1c]

Almost always an indication an innocent person is about to be lynched.

[PS9]

Or an indication of extreme jealousy.

[DeepsyRascal]

I don't like Goldman either.

[not going2take it]

Arrogant, Self Righteous and Self Entitled..­..
Goldman Sachs idiom

[Halsey]

Michael, you are so bloody brilliant. I read Liar's Poker when I was an almost newbie stockbroker (yes many years ago)...I got a crush on you then...now it's unadulterated admiration. Keep on writing, widen your audience (Huffpo a great beginning)­...I can't afford the tech thingy that has e-books..b­ut I certainly HOPE you make your books available to the generation that does "live for tech"....t­his will educate the NEXT generation (we boomers blew it...big time)....s­ad little sheep...le­d to slaughter over and over; ignorant of the hyenas (GS) waiting for that juicy juggler...­.laughing all the way...yum.­.

I worked for Lehman for a minute and a half (a white female...w­ell..I was the whipping "boy")...
I especially LOVE your truism that GS owns only one of the branches, rents one...and you KNOW this to be true. How else could Rubin have convinced Bill C. to get rid of Glass-Stea­gel...

You've a way of saying the truth, as sad as it is, and still make me smile..a sad smile, but a smile nonetheless. Who said the Truth shall Set you Free? that line needs editting.