Wurst Story Ever, sez Sausage Factory known as Goldman

StockJockey's avatar
by StockJockey
Monday, June 23, 2008 - 4:20 pm

Need another example of a heated exchange on Wall Street? The sausage factory known as Goldman Sachs is really giving it good to Marketwatch:

MarketWatch’s commentary suggesting that our financial performance was the result of “manipulation” is outrageous.

Following our complaint, David Weidner changed the piece and, in an attempt to justify his baseless assertion, offered two examples: the first was a laughably flawed opinion piece written by Ben Stein in December 2007, for which Stein had no evidence and his argument was so woefully flawed that even our harshest informed critics distanced themselves from it.

The second piece of “evidence” Weidner cited was a thoughtful analysis by Allan Sloan of a mortgage transaction that went wrong and lost investors, including Goldman Sachs, money. The kindest interpretation that can be put on Weidner’s use of this deal is that he either didn’t read the article or, having read it, failed to understand it.

Perhaps publishing on-line financial commentary means there is less editorial oversight. If so, there is a real danger that nonsense can get dressed up as reality when, in fact, it is nothing more than a chimera produced by a febrile mind.

If we have done something questionable, we deserve to be held to account, but for your company to allow writers to publish with seeming impunity is an insult to the intelligence of your readers.

Lucas van Praag,

Managing Director
Goldman Sachs & Co

The original story, which set off the dispute, is here

Luckily for me I wrote a piece lauding Goldman’s asset gathering capabilites coming out of the quarter, but Goldman might need to grow thicker skin. They are like the Yankees, and everybody hates the Yankees, except the homers, when they are winning.

But Goldman can go screw themselves, using words like febrile. I don’t know what febrile means, but I know an arrogant ass when I see one.

Hat Tip

Alphaville

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