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Read it at Reuters
Yikes, talk about taking things personally. Goldman Sachs is reportedly conducting a companywide search through emails for any references to “muppets”—after an executive said in a New York Times editorial that’s how managing directors refer to clients. Former executive director Greg Smith quit via an editorial last week, and the company has been reeling ever since—including losing $2.2 billion in market value after shares tumbled. In an internal memo distributed last week, Goldman CEO Lloyd Blankfein said Smith’s claims do represent the values at the company. The phrase “muppet” is a derogatory term for stupid people in Britain.