Thu March 22, 2012
Goldman Sachs Scours Emails To Hunt For 'Muppets'
In the aftermath of the "take this job and shove it" scandal, Goldman Sachs has embarked on a muppet hunt.
OK, we'll explain: Earlier this month, a Goldman Sachs employee penned a scathing Op-Ed that was published on his last day of the job. Greg Smith said that Goldman has a money-is-everything culture that is "toxic and destructive." He also wrote that they disparage clients, referring to them as "'muppets,' sometimes over internal e-mail."
So, Reuters reported earlier today that during a conference call with partners, this week, Chief Executive Lloyd Blankfein said "the company was taking Smith's claims seriously and was conducting a review of his assertions" partly by scanning archived company email for the term "muppet."
The Wall Street Journal's Market Watch reports that the bank confirmed that report. Markey Watch adds:
"A spokesman in New York, who confirmed the email searches, on Thursday said, 'we take the concerns of our employees seriously and that is why we have looked into the allegations Mr. Smith made.'
"Firms like Goldman have dedicated staffs that monitor employee communications for compliance and other reasons."
Reuters dutifully reminds us that while the term muppet brings up memories of Kermit in the United States, in Britain it is slang for a stupid person.
Coincidentally, Market Watch says that Goldman counts Walt Disney Co. as one of its clients. Disney produced last year's "The Muppets."