Jim Cramer's Best Blogs
My alumni friends wanted to know who viewed clients as puppets and knaves and wanted them purged immediately. The charges couldn't be cavalierly dismissed simply because the former employee might not have been a heavyweight partner. The scoundrels needed to be shown the door immediately. Such a clean breast of things has never been more necessary because there have been whole books and whole congressional hearings about how Goldman Sachs shot against clients and abused them in the name of short-term greed.
I have felt over the years that Goldman believed it was above all others because it made money when others lost it and because, if they were so greedy and so contemptuous of clients, the clients would have long since departed and the business would have gone away. That has clearly not happened, so therefore everything must be hunky dory.
Now we know that Goldman Sachs, while despising the whistle blower is at least going to investigate to see if there are people who do not fit the credo or the founding principles of the firm. I do hope that it is a chips-may-fall investigation and those who trashed the firm's clients should be exposed and fired immediately.
So, even as the initial reaction was poor form, it's never too late to do the right thing. Self-remonstration is a positive not a negative. Let's hope that those who resent their bill payers as they take advantage of them no longer get to cloak themselves in Goldman clothing.
I say here's your hat, what's your hurry and don't let the door hit you on your way out to the street.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.