17.3.12

And more on "resigned"

Uncle Anchises left me the following e-mail:
I was unable to leave a comment on your page - either there's some fluke in the program or in my computer - but no matter, I'll tell you here.  That investment houses don't think of their clients' welfare I'm sure is true, especially after the houses changed from partnerships to corporations.  But there is an exception to the rule in their wealth management departments because the results can easily be seen and compared to those of other houses and they are in competition with one another for those accounts.  The aim of course is the same, to make money, but here the client benefits because the aim of the house and that of the client are in sync
True, the wealth management departments do need to compete.  That doesn't mean they like, or respect, their clients.  And the way they treat the people who don't bring in clients, the ones actually doing the work?  Shameful.

Unsurprisingly, Goldman's CEO defends the company.  I'm wondering when the last time he actually knew what was going on in his company's trenches was - at Thing One's company, people are even afraid to fill out those "anonymous" employee questionnaires honestly.  These people should really do the Undercover Boss routine.

Finally, a gentleman in Toronto shares why he left Bay Street (which is Canadian for "Wall Street').

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