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The Goldman Sachs op-ed: Journalism loves a burnt bridge

avatar by Published Mar. 14, 2012 12:10 pm Updated Mar. 14, 2012 2:24 pm

Goldman Sachs executive director Greg Smith proved Wednesday morning that few things send up a stronger smoke signal on the Internet than the flames of a burning bridge. Storify follows:

Related: The Wall Street Journal rounds up other high-profile public resignations | The New York Times “vetted” Smith before publishing his letter (Huffington Post).

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  • Anonymous

    Or you could have found out this interesting tidbit:

    “The law that exempted what would have been illegal trading in the murky derivatives that the Smith article denounced was the Commodity Futures Modernization Act, enthusiastically signed by Bill Clinton in the waning months of his administration. The legislation shielded from any regulatory law the very activities that led to the financial meltdown from which Americans are still reeling.

    Back in the Clinton era, it fell to the president’s last press secretary, Jake Siewert, to justify the freeing of Wall Street investment houses to do their worst, and in one of those delicious ironies Siewert was appointed as a managing director and the global head of corporate communications for Goldman Sachs the day before the devastating Smith exposé broke.

    Who better to hastily concoct a strategy of explaining away Goldman’s deceit in the sale of those derivatives? ”

    http://www.truthdig.com/report/item/at_last_some_decency_on_wall_street_20120314/

  • Anonymous

    Or you could have found out this interesting tidbit:

    “The law that exempted what would have been illegal trading in the murky derivatives that the Smith article denounced was the Commodity Futures Modernization Act, enthusiastically signed by Bill Clinton in the waning months of his administration. The legislation shielded from any regulatory law the very activities that led to the financial meltdown from which Americans are still reeling.

    Back in the Clinton era, it fell to the president’s last press secretary, Jake Siewert, to justify the freeing of Wall Street investment houses to do their worst, and in one of those delicious ironies Siewert was appointed as a managing director and the global head of corporate communications for Goldman Sachs the day before the devastating Smith exposé broke.

    Who better to hastily concoct a strategy of explaining away Goldman’s deceit in the sale of those derivatives? ”

    http://www.truthdig.com/report/item/at_last_some_decency_on_wall_street_20120314/

  • Anonymous

    Or you could have found out this interesting tidbit:

    “The law that exempted what would have been illegal trading in the murky derivatives that the Smith article denounced was the Commodity Futures Modernization Act, enthusiastically signed by Bill Clinton in the waning months of his administration. The legislation shielded from any regulatory law the very activities that led to the financial meltdown from which Americans are still reeling.

    Back in the Clinton era, it fell to the president’s last press secretary, Jake Siewert, to justify the freeing of Wall Street investment houses to do their worst, and in one of those delicious ironies Siewert was appointed as a managing director and the global head of corporate communications for Goldman Sachs the day before the devastating Smith exposé broke.

    Who better to hastily concoct a strategy of explaining away Goldman’s deceit in the sale of those derivatives? ”

    http://www.truthdig.com/report/item/at_last_some_decency_on_wall_street_20120314/

  • Anonymous

    For instance, you might find out that what Mr. Smith said is backed up by the findings of Congress.

    http://www.scribd.com/doc/30667030/Wall-Street-and-the-Financial-Crisis-Exhibits

    Or you might cover what Matt Taibbi thinks. He has been one of the few voices whose analysis has proved right all along.

    http://www.rollingstone.com/politics/blogs/taibblog/a-goldman-executives-brave-departure-20120314

  • Anonymous

    For instance, you might find out that what Mr. Smith said is backed up by the findings of Congress.

    http://www.scribd.com/doc/30667030/Wall-Street-and-the-Financial-Crisis-Exhibits

    Or you might cover what Matt Taibbi thinks. He has been one of the few voices whose analysis has proved right all along.

    http://www.rollingstone.com/politics/blogs/taibblog/a-goldman-executives-brave-departure-20120314

  • Anonymous

    Thank you again Poynter for covering the news about the news rather than the news itself.

    No better way to minimize a story.

    You MIGHT be excused for missing the original story of what was behind the economic collapse.
    You should know better now.
    Yet you are doing the same thing.

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    “Goldman relies heavily on market-driven investment banking services, such as trading bonds and underwriting companies’ stock offerings, for its revenue.