Joshua M. Brown responds to the “why I’m leaving x” meme, specifically about Goldman Sachs variants:
The “culture” of Goldman Sachs was, is and always will be about making money, often at the expense of a client. Do you even know where the term “wirehouse” originally came from? Let me help you out with that. In the 1920’s, there was no CNBC or internet — there was only news delivered by wire and cable, stock market news and prices included. The “wirehouse” firms like Goldman would transmit stock and bond prices to their far-flung offices around the country from Wall Street where the action was taking place. It is a peculiar and yet telling fact of history that during the Crash of 1929, not a single major Wall Street brokerage firm went under. Wanna know why? Because when the sell-off began, they dumped all their holdings prior to wiring the news out to the rest of the investing public and their clientele across the country. Sound familiar, motherfucker? THAT is your firm’s culture, going back a hundred and fifty years.
Deal with it or leave and open an Etsy store.
