If you have played poker or invested with a broker/bank/advisor in your corner….you have been a ‘Muppet’ in the Goldman Sachs term of the word.
It’s a regular Muppetfest at your average casino poker table in 2012 and I imagine the same pensions that hosed us with awful due diligence on our behalf are chasing the wrong products again from different brokers/advisors.
Last night, Greg Smith, got his 15 minutes MORE of fame appearing on 60 minutes. It’s a cringer.
Here is the real-time conversation I had with Scott Patterson, a reporter for the Wall Street Journal and authour of ‘Dark Pools’.
Greg is supposed to be the ‘whistleblower’ and 60 Minutes is supposed to be the place that makes the whistleblower pain worth it, but all we will get is a bad book and no change. Goldman’s stock ($GS) is above the March 14th whistleblowing price.
The problem remains…the banks are too big, the big ones managing twice as much as they did in 2001, and the pension funds are too big. We still need to break up both sides of this trade. We still need to get back to basic asset allocation and simple investment products and we still need to punish the criminals from 2008 that are still running the show.