Sunday, March 7, 2010

Customers Are Priority One !

In what can only be described as yet another example of the hubris and sense of 'rules are for others' we get news today that Goldman Sach's chief economist Jim O'Neill is part of a group that is attempting to gain control of the world renowned English football club Manchester United from of all people Malcolm Glazer and his family.

For those that aren't aware, and the fly in the ointment for Jim O'Neill here is that Mr. Glazer is a customer of Goldman Sachs. No check that. Mr. Glazer is a very BIG customer of Goldman Sachs with Goldman helping him raise 500 million pound sterling in a bond offering back in January for the club resulting in share of the fees for Goldman which amounted to 15 million pounds.

It now appears that Goldman brass are none to happy with Mr. O'Neill participation in the hostile advances towards a customer's asset(gee whiz whodda thunk it !), in particular Mr. Glazer who took time to voice his displeasure to chief of doing God's work Lloyd Blankfein.

Acutally this shit is just too funny. You really couldn't make this up if you tried as no one would believe you.

Is one to now infer that Goldman has miraculously develped an ethics enforcement division now?

Did Mr. Glazer not get the memo that this is simply unbridled free market capitalism done the Goldman way? The kind where you don't get all tangled up in crap like fiduciary responsibility and other assorted business ethics concerns. No, if a client shows up and has something you want, you damn well step up like a man and take it. That's how you make partner and that's how you land a central banker job!

Just make sure you take proper precautions against any potential backlash from said decision, like pulling a Kashkari. Which I realize wikepedia nor the urban dictionary have an entry yet for but is simply known as holing up in the mountains after the heist. As former Goldmanite turned Treasury bag boy Neil - cash and carry, emphasis formerly on the cash but now on the carry - Kashkari has done. That or simply stay put and get your gun permit and be done with it.

Ahhh I am just being to harsh and judgemental. Mr. O'Neill was simply an overzealous football fan of Man U and let his emotion and loyalty to it cloud his judgement and get the better of him. He and Goldman would never front run a customer. Nor would they cut a customer off at the knees. Customers are priority one are they not?

Either way don't you just love it when hungry cannibals turn on one another. It simply could not be happening to a nicer group of people. They would eat their young if it didn't cause indigestion.

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $12.06
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $6.05
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $8.49
Long 1 unit Ultrashort Real Estate ticker SRS @ $9.82
Long 2 units Direxion Tech 3X Bear ticker TYP @ $10.52
Long 1 unit US Dollar Bull ticker UUP @ $22.52 stop @ $21.97

Short 1 unit Daimler ticker DAI @ $52.23 stop @ $52.23
Short 1 unit CurrncyShr Aus Dlr ticker FXA @ $89.65 stop @ $91.71
Short 1 unit Goldman Sachs ticker GS @ $162.05 stop @ $171.21


Anonymous said...

EDZ needs to be split adjusted. Thank you for the post.

Harleydog said...


thx for the housekeeping hint. much appreciated.