Not too far from me is a park area called Teatown. It is about 850 acres and has 15 miles of trails through forests and lakes. Most of the land and a good chunk of the budget is donated by local supporters. During the summer there are busloads of kids from the city that come to enjoy a day in the woods. I go there once in a while to burn off some stress and enjoy being alone in nature. I did that yesterday afternoon. I chose a trail I have not been on in some years. Aptly called:
Parts of the trail are well traveled.
Other parts not.
Along the way you see the improvements that some individuals have made. For example, this walkway over a wetland.
A Mr. Oldenberg made this possible back in 1990.
A number of others who have appreciated this spot have made similar contributions.
On my walk I came to this “busy” intersection.
You can imagine (if you know me) my anger, shock and disappointment to see this at the trail juncture:
Apparently three years ago the nice folks at Goldie wrote a tax deductable check and had some help bring in some wood chips for this trail. Now they get a plaque with their name on it that will last forever. Whatever improvements GS made back then have been washed away from three hard winters. But Goldie still has their advertisement right in the middle of the woods.
I was looking at this and taking a picture when a teenage couple came up the path. I guessed that they were not this deep in the woods for “sylvan” pleasures. I pointed to the sign and asked:
BK: Do you know who Goldman Sachs is?
BOY: They’re the ones who stole the money in the stock market.
GIRL: My father says it’s the Wall Street that caused the depression.
BK: That sounds about right.
BOY: Should we rip it out?
BK: No. Let’s leave it. Everyone who walks by this spot will be reminded of how much we don’t like these guys.
BOY: Okay. Which way you going?
I pointed left. They went right.
I have said many times that you can’t do GOOD and at the same time do WELL on Wall Street. GS and its partners are doing very WELL. They attempt to do some GOOD things in an effort to create a softer image and create a tax deduction. It will not work. Teenagers and old cynics like me see through it.
GS should take down the sign in the woods. It is having the exact opposite reaction to what they intended. It reminds us that we don’t like them. We know they are predators. And we know that predators, like wolves, have a place in this world. But we don’t want these wolves in our backyard.
If the deep thinkers at GS read this I hope they get the message. You’re best advised to keep a low profile. Don’t rile us more. Keep you’re “We’re good guys” signs out of our sight. We know that is just crap.
Excuse the personal rant.
bk
Sunday, September 5, 2010
Subscribe to:
Post Comments (Atom)





"If the deep thinkers at GS read this I hope they get the message. You’re best advised to keep a low profile"
ReplyDelete===============================\
You hear him deep thinker at GS? If you do, you'd be wise to heed his warning. We don't like you. We don't trust you. This nation feels betrayed by you and your govenmental lackeys. We want very bad things to happen to the both of you. When a nation feels betrayed by their government, it's a very unique sense of betrayal. All rules are off. All is fair. The adjective atavistic comes to mind.
# I worked for Drexel and got to understand a bit about balance sheet structure and corporate bonds from Mike Milken.
ReplyDeletebruce.. buddy :)
aren't you being a bit hypocrite.. ? didn't you do in 80x exactly what GS did in late 2000x.. ?
you sold junk bonds for $1,, but real price was $0.5.. change junk bonds == houses /MBS//etc,,
you got same result..
remember how many banks/thrifts failed in late 80x- early 90x.. ?
Alex
Alex,
ReplyDeleteThe fact that I played in this sand box gives me some rights to write about it now. What you are talking about was 25 years ago....
Drexel/I did not sell busted junk bonds. Very few went defaulted in the years I was there. And we never sold them to someone who did not understand the risks. And when there were risks the investors at least got told in advance and they got paid to take the risk.
Drexel invented junk bonds. But really it was an extension of what was already being done.
There was already an equity and and a preferred market. Senior debt was old hat. We just created something in the middle of that and called it mezzanine. One of the more popular forms of debt finance today.
Alex
ReplyDeletePlay nice. Insiders have a special role to play and we need to know a lot more about how things happen. It is really great to have Bruce produce this stuff, while acknowledging that people can grow, change, regress (like most politicians), improve, change their minds etc...
Things are complex, and perhaps you may want to be skeptical about Bruce's recommendations - but at least give them consideration on merit first before judging the source...