Does anyone really think that Goldman is looking out for its clients?
Does anyone really think that Goldman Sachs is ever looking out for its clients' best interests? Goldman only cares about Goldman, PERIOD. It would be a cold day in he-two-sticks that I ever took any trading advice from these guys. Take a look at these two recent stories and tell me what's wrong here:
Goldman Traders Had a Perfect Quarter
Goldman Sachs Hands Clients Losses in ‘Top Trades’
Yeah, yeah I know that these are two completely different departments that are "supposedly" separated by a firewall (suuuuure) and that much of Goldman's "trading" was probably flash trades that only lasted a tenth of second as these scummy folks skimmed pennies off of the trades that normal people like you and I have to make the old-fashioned way, but still Goldman makes me sick. How on Earth does Goldman find anyone to purchase its "research" when we've seen them tell their clients to do one thing and then turn around and trade against them on its own books time and time again?
I used to own Goldman stock and I keep thinking about picking up some at least for my CAPS portfolio because it's so cheap right now, trading at just barely over book value, but I just can't bring myself to do it. Much like Moody's (MCO) Goldman just disgusts me way too much, and that's saying a lot for someone who owns stock in BP and a cigarette company in real life. Perhaps karma will eventually catch up with these guys and their operations will actually be less profitable in the future, I doubt it but it is a pleasant fiction to imagine.