All bankers are not good
All bankers are not evil. But, all bankers are not good either. Unfortunately Goldman feels the need to give this impression prior to the book Why I Left Goldman Sachs being released. In particular, the word “muppet” was used by the author of the book, Greg Smith, in his open resignation letter to the NY Times in March. He implied that Goldman bankers referred to their clients as “muppets” and tried to take advantage of them. Goldman’s response has been to say that 99% of the reference to the word “muppet” when they searched their email archives was in reference to the recent movie and the other 1% were taken out of context. This response is laughable. The issue is the focus on the word “muppet” itself. It’s not the exact word, it’s the meaning of it. Giving the impression that no Goldman banker has ever tried to take advantage of a client is like saying no mechanic or plumber has ever taken advantage of someone who knew less than they did. While it’s unlikely that any mechanics or plumbers specifically used the word “muppet” in an email discussing this situation, it is equally unlikely that savvy Goldman bankers did either.