New Orleans Dear New York Times Public Editor: Is it really news, if it is “news” about your own op-ed, which was a letter to the editor, and is still “news about nothing?” A mid-level executive pulling down 1% money of between $500K and $750K at the giant Wall Street mega-firm Goldman Sachs writes a resignation letter as he resigns his post as a Letter to the Editor at the times about the profit-crazy obsession of his Wall Street firm. They make it into an op-ed and then today run the story as the lead item on the right side of the front page above the fold as if someone out there might have possibly imagined that Goldman Sachs would be about something other than its own profits and bonuses, despite all of the mountains of evidence in recent years to the contrary as well as a just plain common sense understanding of the nature of the Wall Street beast and the herds where they run.
It is on mornings like this that one understands more about the real culture of not only Goldman Sachs but also about the Times itself and the nature of the chattering class in Wall Street’s company town of Manhattan. The elitism is so over the top and the story line so un-self aware that it falls somewhere between shocking and hilarious.
The business pages actually enter into a dialogue about whether or not this dude should be discounted since he was so low on the totem pole. What a pole! 33,000 workers, 10% of them are managing directors making crazy money, another 10,000 plus were in his position as executive directors making somewhere between a half and a full million, and they report that some folks on Wall Street are pissing on him because he was just a soldier and not a captain of industry and still act like culture of finance is about anything other than piling up your own hoard of cash.
The culture is rotten to the core. Sorry that this young fellow hadn’t read the memo that the rest of the world has been receiving almost daily for years and years. Even sorrier that the Times and the financial community is surprised at finding out that they are all self-appointed emperors staring at their own nakedness.
Let’s see hands of ANYONE who doesn’t understand now that we need to regulate the living hell out of Wall Street.