Michael Holland on Bloomberg TV on March 13, 2012, noted that "people aren't in the market--it's computer and high frequency trading." If one wonders why, Gregg Smith gave a pretty good reason the very next day in the New York Times:
Why I Am Leaving Goldman Sachs - NYTimes.com: "Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are."
And then there is this--
How Wall Street exploits individual investors - CBS News: "In December, I demonstrated just how bad a deal Goldman Sach's (GS) stock-linked CD was for investors. In fact, all similar structured products, such as principal protection notes, accumulators, reverse convertibles, super track notes, and equity indexed annuities, are just swell for the seller, but bad for the buyer. As evidence of how inappropriate these products are for individual investors, you'll never find a Registered Investment Advisor -- someone who provides a fiduciary standard of care and doesn't accept commissions -- that recommends them."
Tweet Follow @johnmpoole
When the facts change, I change my mind. What do you do? -- John Maynard Keynes
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
Craig Newmark - craigconnects
- ► 2015 (131)
- ► 2014 (368)
- ► 2013 (380)
- Tax reform--it is not going to go away
- Ford Motor Company: The Future is Now
- Why Most Tech Start-ups Don't Succeed
- Penal-Industrial Complex: Crony Capitalism At Its ...
- Those who know you best: Specter on Santorum
- Santorum "loses it" in Wisconsin, uses profanity [...
- Android Wins Windows Phone Challenge, But Microsof...
- The Real Leadership Lessons of Steve Jobs
- Android: 'Key Lime Pie' comes after 'Jelly Bean'
- Why people aren't in the stock market
- Reality Check: Eurocrisis Is Far From Over
- Goldman Sachs and a fiduciary standard
- GOP Race: Land of Lincoln delivers for Romney
- Santorum endorses Romney! [VIDEO]
- Puerto Rico: Señor Romney Sí! Señor Santorum No!
- Wingnuts, yahoos, and the GOP: Missouri Chaos
- Start thinking about 5G wireless [video]
- Ann Coulter on Sarah Palin, con men and charlatans...
- Bill Gross on Bloomberg--worth listening to
- America’s Future [video]
- Eurozone: Running Out of Options
- Three Things About the New iPad [video]
- Who's in charge of the Republican primary process?
- In Greece Nothing Succeeds Like Failure
- Why President Obama will not win Florida in November
- Eric Schmidt's keynote at Mobile World Congress 20...
- Some words of advice for Mitt Romney
- Election2012: Rhetoric vs. Reason
- Rush Limbaugh and the Attention Economy
- Go Bo Go! - Pet Lovers for Obama
- Rick Santorum: Candidate of, and for, the Ignorant
- What ecosystem are you buying into?
- ECB: fixing the problem or delaying the day of rec...
- ▼ March (34)