According to an article by Marie Myung-Ok Lee in this month’s Atlantic, her experience working at Goldman Sachs was often described by her friends as like a “frat on steroids.” You can read all the sordid details in this excellent piece, however it is difficult to find this type of behavior surprising from a firm who recently released its new lifetime partner list and only 14% of those getting these coveted promotions were women.
So someone must pay a fee so long as it is not a top bank executive or ceo? Banks are job creators after all! Except of course for these incidences where there is more than a bit of new “Job Uncreation“:
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The WSJ.com is reporting that Spencer D. Mindlin allegedly misused his position at Goldman Sachs to let his father, Alfred, know of some information that they used to net $57,000.
Goldman Sachs released a statement claiming that since the trades were conducted using a TD Ameritrade account they had nothing to do with it:
“All of the trading was conducted in private, undisclosed accounts held outside of Goldman Sachs and none of the trading involved client information.”
Not really the strongest defense, but I’ll leave it to the experts at Goldman Sachs to explain the intricacies of insider trading and how they are never involved.