Posted by Ovais Ahmed.
An article posted on bloomberg.com talks about an appeal made by ex-Goldman Sachs trader Deeb Salem to get an extra $5 million he thinks he deserves in bonus money. He has already received $8.25 million and still wants to get more money out of his former company. I don’t understand why the trader can’t settle with the money he has already made, which is more than the average American would probably ever make. To me, it spells out nothing but greed. Salem states he helped Goldman Sachs earn $7 billion in profit and was sought after by many investment professionals in his industry. The article states:
In September, Justice Eileen Bransten denied Salem’s request to set aside a Financial Industry Regulatory Authority panel decision to dismiss his claim, and granted Goldman Sachs’s request to seal portions of the dispute with the former trader. Salem told a state appeals court in Manhattan today that the judge erred in her decision, according to a filing. Salem claimed he helped the bank earn more than $7 billion, and told the arbitration panel Feb. 25 that he was one of the most sought-after investment professionals in the mortgage industry. The panel, described by Salem’s lawyer as a ‘kangaroo court,’ didn’t let Salem call some of Goldman Sachs (GS)’ top trading executives as witnesses, resulting in a miscarriage of justice, according to his original petition.
Goldman Sachs claimed they gave Salem the opportunity to give his evidence, and followed through fully with the law in denying his award claim. Therefore, Salem has appealed the decision is continues his fight for the extra $5 million he believes he deserves due to his efforts at Goldman Sachs.
Ovais is a business administration major with a concentration in management at Montclair State University, Class of 2015.
Posted by Giancarlo Barrera.
Goldman Sachs was infamously named “The Wolf of Wall Street.” Goldman created, convinced, and sold mortgage investments that had been designed to fail in the first place.corruption at its finest. It was corruption at its finest. Goldman even went as far as betting against the same derivatives it was promoting and selling to their own clientele. Goldman accepted that it misled investors the wrong way, but did not admit to any scheming or wrongdoing.
In July 2010, Goldman paid an enormous SEC fine of 550 milion dollars. It was one fine after another. Then in April 2012, Goldman paid a fine of 22 million dollars for allowing insider trading of non-public information to Goldman’s clients and traders since 2007. On the link, the story goes into further detail of how much fraud and dishonesty was played under the table and behind the backs of its own clients, who the company was supposed to help invest their money in the first place.
Business is business.
Giancarlo is an economics and finance major at Montclair State University, Class of 2016.