Goldman Sachs To Hunt Workers' Emails For 'Muppet' References

Goldman Sachs email The MuppetsIt's been nearly 30 years since the Muppets took Manhattan, but they're making a comeback, of sorts, thanks to Greg Smith, the former Goldman Sachs Group employee who infamously quit his job last week in a scathing op-ed in The New York Times.

In reaction to Smith's allegation that he witnessed Goldman managing directors refer to clients as "muppets," the investment-banking firm will begin scanning employees' emails for occurrences of the word as well as other evidence that staffers referred to clients in derogatory ways, Reuters reports.

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The move was announced by CEO Lloyd Blankfein during a conference call with partners of the firm, according to the report. In his published broadside, Smith specifically called out Blankfein, along with President Gary Cohn, for failure in leadership that led to an culture in which mistreating clients had become the norm, creating an environment that is "toxic and destructive."

Though in the U.S. muppets are generally viewed as lovable puppets, Reuters notes that in Britain, "muppet" is slang for someone who is stupid.

Following publication of Smith's column in the Times, Blankfein and Cohn sent an internal memo to employees that read in part, "We were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients."

In the wake of Smith's resignation and allegations, Reuters notes, Goldman has been conducting a broad review to determine whether his assertions are accurate, a process made all the more difficult because he didn't specify the names of people or circumstances in his salvo.

Goldman Exec Quits and Writes Searing Op-Ed on Company


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Filed under: Employment News

David Schepp

Staff Writer

David Schepp has spent more than a dozen years covering business news for the electronic and print media, including Dow Jones Newswires, BBC News, Gannett Co., and most recently at AOL's DailyFinance. Nearly 10 years ago, he started writing a weekly People@Work column, looking in depth at issues facing workers in today's workplace. The syndicated column appeared in newspapers and websites nationwide before it made its debut on DailyFinance in 2010. Schepp now continues that tradition at Aol Jobs, covering the jobs beat and providing readers insight and analysis into the nation's challenging employment scene.

Schepp holds a Bachelor of Arts degree in journalism from Metropolitan State College of Denver.

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Jack & Vonee

once a Jew always a Jew

March 23 2012 at 3:57 AM Report abuse rate up rate down Reply
nonyabusiness

the cooperation is run by muppets!!!

March 22 2012 at 9:09 PM Report abuse rate up rate down Reply
nklswrth

Referrign to the folks they ripped off as Muppets! Really? How much more does it take to put this trash heap of a company out of business? G-Sachs and thier toxic asset AAA+++ rating buddies should never have been allowed to survive after they ripped our country off and sank our economy. The fact we bailed 'em out cost Obama my vote and perhaps the election. These gutless investement firms weren't too big to fail, our politicians were just too afraid to change. Change is gonna come, like it or not.. We gotta' get rid of these theives that have infested our Country's economc and political systems.

March 22 2012 at 8:48 PM Report abuse +2 rate up rate down Reply
APerfectGentlman

Expect "Muppets" references to be especially high among Arsenal fans.

March 22 2012 at 5:42 PM Report abuse rate up rate down Reply

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