The Case Against Goldman Sachs

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The Case Against Goldman Sachs

The Securities and Exchange Commission's lawsuit against Goldman Sachs is revealing a cavalier culture in which the firm invested recklessly and bet against its own clients. Here are some of the company's questionable practices:

  • Created its own blood bank and sat on all deposits until the Haitian earthquake
  • Tried their hardest to dissuade risk-loving pensioners and teachers' unions from buying into unsound derivatives, but in the end it wasn't enough to stop them
  • Drove up commodity index while hedging against price increases by maintaining a 20-acre facility crammed with full barrels of crude oil, stockpiled bales of cotton, and tens of thousands of lean hogs
  • The guy who delivered lunch every day was always tipped with one of the company's crumbling mutual funds
  • Offered clients discounted concert tickets that junior analysts won by repeatedly dialing into radio contests
  • Invested in the highly lucrative underground organ trade through its Mexican subsidiary Goldmando Saques
  • Over the years, executives secretly dumped the contents of nearly 2,400 convenience stores' take-a-penny-leave-a-penny trays into their suit pockets
  • Taking your money and not telling you what the hell they're doing with it