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GS already has a rotten reputation. I don’t think they care. As for the executives, they will probably hide behind limited liability. Getting the US to hand th

GS already has a rotten reputation. I don’t think they care. As for the executives, they will probably hide behind limited liability. Getting the US to hand them over will not be easy.

ReptileMan 8y ago
A life contained only to the US is still miserable for the jet set spoiled. There is good chance they will leave US eventually and be Huaweied to Malaysia.
- deleted 8y ago
  [deleted]
- berbec 8y ago
  Has "Huaweied" entered our common lexicon already?
  - spiritcat 8y ago
    Seems it has.
  - smichel17 8y ago
    Don't think so. I'm having a hard time figuring out what it actually means. No urbandictionary entry, and the only other time it seems to have been used was another HN thread last month.
    - RHSeeger 8y ago
      In case you actually don't know (not an insult, just not sure)... The CFO of Huawei was arrested in Canada for extradition to the US. https://www.nytimes.com/2018/12/05/business/huawei-cfo-arrest-canada-extradition.html https://www.nytimes.com/2018/12/05/business/huawei-cfo-arres...
    - ethbro 8y ago
      "Extradited", re: recent news about their CFO being detained in Canada on a US charge
  - gruez 8y ago
    The strange thing is that there’s already a word for it: “extradited”.
    - kevin_thibedeau 8y ago
      Or "shanghaied" for ironic flair.
mruts 8y ago
Why do you say that GS has a rotten reputation? They are probably the most respected bank on Wall St. Also, I know for a fact that they really care about their reputation, and that internally, they are stressing about this.
- pmorici 8y ago
  There reputation on Main Street has been bad for a while now.
  - mruts 8y ago
    But is it justified? Do people actually know what Wall St does? I would expect people to have more animosity for consumer facing banks like Wells Fargo or Bank of America as their nickel and diming practices actually hurt average people. I doubt your average joe even knows what GS does beyond being a “vampire squid.”
    - RHSeeger 8y ago
      >I doubt your average joe even knows what GS does beyond being a “vampire squid.” I guess the question is whether it matters what the average joe thinks. If it does, then GS is in a bad place because all the joes I know wouldn't touch them with a 10ft pole. If not, then we only need to consider what the financial folks think (which I can't speak to).
    - wallace_f 8y ago
      Well, it's not just Main Street that dislikes GS. They've done plenty wrong, benefited from the bailout, and are accused of being crony capitalists(1). 1-https://theintercept.com/2016/12/09/trump-makes-america-goldmans-again-maga/ https://theintercept.com/2016/12/09/trump-makes-america-gold...
    - wpietri 8y ago
      Those are two different questions. I don't think we can reasonably expect everybody to really know everything. Wall Street in particular is a highly complex world, where only some of that complexity is really necessary. I've been reading the financial press since before I was in high school and spent years working in the industry. I don't feel like I fully understand it, and I'm sure I never will. That said, I think the reputation is reasonably justified. Many smart people have pointed out that the financial sector has increased drastically in size, soaking up an awful lot of money relative to the value it creates in the economy. I'm sure people do dislike their banks, but at least those banks do something for them. Goldman Sachs extracts billions from the economy and doesn't do jack for average people. If those average people hear from people closer to the problem that Goldman Sachs is a vampire squid, I don't think it's unreasonable of them to trust that and tie it to their very reasonable economic resentments.
kevin_thibedeau 8y ago
Interpol warrants will imprison them in the US.
gaius 8y ago
GS already has a rotten reputation. I don’t think they care. Both point are also true for Facebook, if you want an example closer to our industry, to understand the people and motives involved.
giardini 8y ago
As Adam Smith said in "The Wealth of Nations": “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” This description fits Goldman Sachs to a "T". And I think they would probably like the description, given its origin. So, to be clear, Goldman Sachs are capitalists.
- conanbatt 8y ago
  One of my favorite quotes. To think someone wrote something so specific and valid for centuries.
ineedasername 8y ago
Goldman Sachs may be a popular whipping boy for politicians, but within the sphere of high finance that isn't the case.
- HenryKissinger 8y ago
  Yeah. 250,000 people apply for summer internships at Goldman Sachs each year. They are a highly sought employer.

GS already has a rotten reputation. I don’t think they care. As for the executives, they will probably hide behind limited liability. Getting the US to hand them over will not be easy.

ReptileMan 8y ago

A life contained only to the US is still miserable for the jet set spoiled. There is good chance they will leave US eventually and be Huaweied to Malaysia.

deleted 8y ago
[deleted]
berbec 8y ago
Has "Huaweied" entered our common lexicon already?
- spiritcat 8y ago
  Seems it has.
- smichel17 8y ago
  Don't think so. I'm having a hard time figuring out what it actually means. No urbandictionary entry, and the only other time it seems to have been used was another HN thread last month.
  - RHSeeger 8y ago
    In case you actually don't know (not an insult, just not sure)... The CFO of Huawei was arrested in Canada for extradition to the US. https://www.nytimes.com/2018/12/05/business/huawei-cfo-arrest-canada-extradition.html https://www.nytimes.com/2018/12/05/business/huawei-cfo-arres...
  - ethbro 8y ago
    "Extradited", re: recent news about their CFO being detained in Canada on a US charge
- gruez 8y ago
  The strange thing is that there’s already a word for it: “extradited”.
  - kevin_thibedeau 8y ago
    Or "shanghaied" for ironic flair.

mruts 8y ago

Why do you say that GS has a rotten reputation? They are probably the most respected bank on Wall St. Also, I know for a fact that they really care about their reputation, and that internally, they are stressing about this.

pmorici 8y ago
There reputation on Main Street has been bad for a while now.
- mruts 8y ago
  But is it justified? Do people actually know what Wall St does? I would expect people to have more animosity for consumer facing banks like Wells Fargo or Bank of America as their nickel and diming practices actually hurt average people. I doubt your average joe even knows what GS does beyond being a “vampire squid.”
  - RHSeeger 8y ago
    >I doubt your average joe even knows what GS does beyond being a “vampire squid.” I guess the question is whether it matters what the average joe thinks. If it does, then GS is in a bad place because all the joes I know wouldn't touch them with a 10ft pole. If not, then we only need to consider what the financial folks think (which I can't speak to).
  - wallace_f 8y ago
    Well, it's not just Main Street that dislikes GS. They've done plenty wrong, benefited from the bailout, and are accused of being crony capitalists(1). 1-https://theintercept.com/2016/12/09/trump-makes-america-goldmans-again-maga/ https://theintercept.com/2016/12/09/trump-makes-america-gold...
  - wpietri 8y ago
    Those are two different questions. I don't think we can reasonably expect everybody to really know everything. Wall Street in particular is a highly complex world, where only some of that complexity is really necessary. I've been reading the financial press since before I was in high school and spent years working in the industry. I don't feel like I fully understand it, and I'm sure I never will. That said, I think the reputation is reasonably justified. Many smart people have pointed out that the financial sector has increased drastically in size, soaking up an awful lot of money relative to the value it creates in the economy. I'm sure people do dislike their banks, but at least those banks do something for them. Goldman Sachs extracts billions from the economy and doesn't do jack for average people. If those average people hear from people closer to the problem that Goldman Sachs is a vampire squid, I don't think it's unreasonable of them to trust that and tie it to their very reasonable economic resentments.

kevin_thibedeau 8y ago

Interpol warrants will imprison them in the US.

gaius 8y ago

GS already has a rotten reputation. I don’t think they care. Both point are also true for Facebook, if you want an example closer to our industry, to understand the people and motives involved.

giardini 8y ago

As Adam Smith said in "The Wealth of Nations": “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” This description fits Goldman Sachs to a "T". And I think they would probably like the description, given its origin. So, to be clear, Goldman Sachs are capitalists.

conanbatt 8y ago
One of my favorite quotes. To think someone wrote something so specific and valid for centuries.

ineedasername 8y ago

Goldman Sachs may be a popular whipping boy for politicians, but within the sphere of high finance that isn't the case.

HenryKissinger 8y ago
Yeah. 250,000 people apply for summer internships at Goldman Sachs each year. They are a highly sought employer.