Poll Results: Our Readers Won't be Goldman Clients
In light of today's bombshell resignation letter from Greg Smith of Goldman Sachs, we asked our readers if they would ever consider letting their money be invested by the prominent firm. An overwhelming majority declared they would not:
No - 76%
You Must be Joking! - 13%
Yes - 5%
It seems that our readers were not surprised by the content of Mr. Smith's letter:
Marc S. My answer is no, but I'm not all that surprised by the news or even disturbed by it. My apporach to investing is fairly rigorous and conservative. I don't invest in things without understanding both the investment and the fees I pay to the managers. I wouldn't be tempted by these unique derivatives and i suppose some blame should be layed at the feet of the investors who took risks for potential large gains with questionable investments they didn't understand. My answer is still no, though, because i suspect that GS oversold the product to people they knew weren't paying close enough attention to their portfolios.
PackerLovingGrrl. It is clear that the corporate culture at Goldman Sachs is such that the best interests of the firm are NOT aligned with the best interests of the customer, big or small. So, no, I would not entrust my money to them, because it is clear that they do not feel any fiduciary responsibility to me. At this point in time, with all the evidence out there, why ANYONE thinks dealing with GS or any of their brethren on Wall Street makes the slightest lick of sense is beyond my comprehension.