Goldman-Sachs read my post, “Goldman Rips Off Non-Profits, Endowments, Foundations, And Charities” about a conversation I had with a Goldman-Sachs trader where he boasted about ripping off charitable organizations with excessive fees, and they’re hopping mad. Here is the lovenote sent by Melissa Daly, VP of Corporate Communications:
Today’s column on fees cannot go unchallenged. You make a number of assertions based on a conversation you claim to have had with a Goldman Sachs trader. Firstly, the comments you attribute to this person in no way reflect our values or the way in which we conduct business. You should also know that endowments, foundations, charities and non-profit organizations often have their own in-house professional investment staff and are among the most sophisticated investors. To claim otherwise suggests a total lack of experience servicing this or any type of client and betrays a total lack of knowledge of how we structure fees. The headline you extrapolate from this conversation is as fallacious as it is offensive.
Goldman, Sachs & Co.
I guess that means we can stop worrying about what we’re going to wear to their Christmas party?
You know, for someone who’s only been on the job four months, she sounds very sure of how the ground troops operate.