Procerity

Suggestions that Goldman salespeople used coarse aggressive tactics in there business have recently appeared as a result of emails released as part of a U.S. Senate probe into the firm. The implication is that the firm somehow behaved in an underhanded manor. While the emails perhaps reveal some lively language about colorful characters named “Cactus” and “Fab”, they do not in themselves point to any illegal activity. Selling on Wall Street is demanding and presumably that is partly due to the sophistication of the buyers. Hence the need for some consumate salespeople. What is however a stain on Goldman Sachs’ reputation is the unprincipled camouflaging it provided Greece in concealing the true depth of its deficit from its fellow EU members. While Goldman cannot be saddled with the blame for causing the current Greek crisis, the part it played in precipitating it has definitely tarnished its reputation in the rest of the EU. It is no doubt contributing to the impediments US firms are going to be faced with as a result of emerging European financial regulatory reform.