Why I Am Leaving Goldman Sachs

Tom_Monkey

初级会员
VIP
注册
2002-02-21
消息
829
荣誉分数
157
声望点数
203
Why I Am Leaving the Communist Party By BO XILAI
Bo Xilai's Goldman Sachs resignation letter.

----------------------
March 14, 2012



----------------------------------

TODAY is my last day as the Chongqing Committee Secretary. After almost 32 years in the Communist Party of China (CPC) — first at the very bottom of the political hierarchy, then 17 years in the eastern city of Dalian, and now in Chongqing — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the people continue to be sidelined
in the way the CPC operates and thinks about generating revenue. The Communist Party of China is the world’s largest and most elite political party and it is too integral to the global supply chain to continue to act this way. The Party has veered so far from the ideological purity of the Cultural Revolution that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but the culture of constant revolution was always a vital part of the CPC’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by the people. The culture was the “la jiao” that made this place great and allowed us to earn the people’s trust for over 60 years. It wasn’t just about making revolution; this alone will not sustain the Party. It had something to do with pride and belief in the Party itself. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for the CPC for many decades. I no longer have the pride, or the belief.

But this was not always the case. For more than twenty years, I recruited and mentored young people through our grueling vetting process. I was selected by Chongqing’s Media Department to send “red” text messages to the city’s 13 million cellphone users. Throughout my tenure in Chongqing, I promoted Maoist quotes, “red” songs, and initiatives to encourage young people to live and work in the countryside.

I knew it was time to leave when I realized I could no longer look my son in the eye and tell him what a great place this was to work.

When the history books are written about the CPC, they may reflect that the General Secretary, Hu Jintao, and the Premier, Wen Jiabao, lost hold of the CPC’s culture on their watch. I truly believe that this decline in the CPC’s moral fiber represents the single most serious threat to its long-run survival.

Over the course of my career I have had the privilege of leading China’s Ministry of Commerce, overseeing Liaoning’s development into one of the most economically strong provinces in China, and spearheading Chongqing’s social welfare system, red culture movement, and crackdown on organized crime. Chongqing now has a nominal GDP of over 652.8 billion yuan. I have always taken a lot of pride in texting Chongqing’s people to do what is right for them, even if it means less money for Beijing’s bureaucrats. This view is becoming increasingly unpopular in the CPC. Another sign that it was time to leave.

How did we get here? The Party changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money as a Party leader (and are not currently planning to move to the U.S., Canada, or Australia) you will be promoted into a position of influence.

What are three quick ways to become a leader? a) Execute on the Party’s “Five-Year Plan,” which is CPC-speak for forcibly evicting people from their land so we can sell it to our friends in real estate. b) “Hunt Mice.” In English: get the people — some of whom are sophisticated, and some of whom aren’t — to give up whatever will enlarge the Party’s coffers. Call me old- fashioned, but I don’t like selling my people a policy that is wrong for them. c) Find yourself sitting in a seat where your job is to pitch any opaque policy with the words “harmony” in it.

Today, many of these leaders display a socialist culture quotient of exactly zero percent. I attend Party meetings where not one single minute is spent asking questions about how we can help the people. It’s purely about how we can make the most possible money off of them. If you were an illegal alien from North Korea and sat in on one of these meetings, you would believe that the success or progress of everyday citizens was not part of the thought process at all.

It makes me ill how callously Party leaders talk about ripping their people off. Over the last 12 months I have seen five different members of the Standing Committee refer to their own people as “Shagua,” sometimes over internal text messages. Even after the Great Leap Forward, the Cultural Revolution, the Gang of Four, the June 4th Incident, and “My father is Li Gang”? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will the Party push corrupt and complicated polices on the people even if they are not the most logical investments or the ones most directly aligned with the goals of the everyday Chinese citizen? Absolutely. Every day, in fact.

It astounds me how little the Party gets a basic truth: If the people don’t trust you they will eventually overthrow you. It doesn’t matter how smart you are.

These days, the most common question I get from junior cadres about rampant inequality
is, “How much revenue did we squeeze from land seizures?” It bothers me every time I hear
it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior cadres sitting quietly in the corner of the Great Hall of the People hearing about “shagua,” “grey profits” and “moving abroad” doesn’t exactly turn into a model bureaucrat.

When I was a first-year cadre I didn’t know how to text “red” messages, or how to down a whole bottle of Maotai during one banquet. I was taught to be concerned with learning the ropes, memorizing passages from “The Little Red Book,” understanding how to govern, getting to know the people and what motivated them, learning how they defined success and what we could do to help them get there.

My proudest moments in life — getting admitted to Peking University, being selected as the Mayor of Dalian, and serving as the party chief of Chongqing — have all come through hard work, with no shortcuts. The CPC today has become too much about shortcuts and not enough about achievement. It just doesn’t feel right to me anymore.

I hope this can be a wake-up call to the Standing Committee. Make the people the focal point of your governing philosophy. Without the people you will not have power. In fact, you will not exist. Weed out the morally bankrupt people, no matter their power or position. And get the culture right again, so people want to govern for the right reasons. People who care only about making money will not sustain this Party — or the trust of its people — for very much longer.

 
为什么我要离开共产党薄熙来
薄熙来高盛辞职信。
 
I Am Leaving the Communist Party ?
 
http://www.nytimes.com/2012/03/14/o...hs Group Inc&st=Search&scp=1&pagewanted=print
:D:D:D:D:D:D

March 14, 2012
Why I Am Leaving Goldman Sachs
By GREG SMITH

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.

But this was not always the case. For more than a decade I recruited and mentored candidates through our grueling interview process. I was selected as one of 10 people (out of a firm of more than 30,000) to appear on our recruiting video, which is played on every college campus we visit around the world. In 2006 I managed the summer intern program in sales and trading in New York for the 80 college students who made the cut, out of the thousands who applied.

I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.

When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.

Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.

How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

Today, many of these leaders display a Goldman Sachs culture quotient of exactly zero percent. I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.

These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen.

When I was a first-year analyst I didn’t know where the bathroom was, or how to tie my shoelaces. I was taught to be concerned with learning the ropes, finding out what a derivative was, understanding finance, getting to know our clients and what motivated them, learning how they defined success and what we could do to help them get there.

My proudest moments in life — getting a full scholarship to go from South Africa to Stanford University, being selected as a Rhodes Scholar national finalist, winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics — have all come through hard work, with no shortcuts. Goldman Sachs today has become too much about shortcuts and not enough about achievement. It just doesn’t feel right to me anymore.

I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer.

Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
 
http://www.nytimes.com/2012/03/14/o...hs Group Inc&st=Search&scp=1&pagewanted=print
:D:D:D:D:D:D

March 14, 2012
Why I Am Leaving Goldman Sachs
By GREG SMITH

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.

But this was not always the case. For more than a decade I recruited and mentored candidates through our grueling interview process. I was selected as one of 10 people (out of a firm of more than 30,000) to appear on our recruiting video, which is played on every college campus we visit around the world. In 2006 I managed the summer intern program in sales and trading in New York for the 80 college students who made the cut, out of the thousands who applied.

I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.

When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.

Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.

How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

Today, many of these leaders display a Goldman Sachs culture quotient of exactly zero percent. I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.

These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen.

When I was a first-year analyst I didn’t know where the bathroom was, or how to tie my shoelaces. I was taught to be concerned with learning the ropes, finding out what a derivative was, understanding finance, getting to know our clients and what motivated them, learning how they defined success and what we could do to help them get there.

My proudest moments in life — getting a full scholarship to go from South Africa to Stanford University, being selected as a Rhodes Scholar national finalist, winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics — have all come through hard work, with no shortcuts. Goldman Sachs today has become too much about shortcuts and not enough about achievement. It just doesn’t feel right to me anymore.

I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer.

Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.

鸭子V5!!! 佩服
 
后退
顶部