Greg Smith wrote that clients are often derided as “Muppets” by people at Goldman.
In an odd footnote to the Greg Smith fracas, Reuters reports that Goldman Sachs has started scanning internal e-mails for instances of the term “muppet” and other derogatory phrases.
Muppet, of course, is the word Mr. Smith said he had heard numerous Goldman executives use to refer to unwitting clients. (While it refers to televised puppetry in the Unites States, Reuters says the term in Britain is “slang for a stupid person.”)
But DealBook imagines that Goldman’s quest to track down all Muppet-related terms used on its internal e-mail systems could also flag some innocent e-mails between bank employees:
Trader #1: Did u hear Madoff was convicted of running a Fozzie scheme?
Trader #2: ?
Trader #1: LOL I meant Ponzi
Trader #1: damn you autocorrect
Banker #1: Where should I take the client to dinner? Any ideas?
Banker #2: Try Aquavit. They have the best gravlax in New York – props to their Swedish chef.
Trader #1: Dude, what’s going on with our inverse ETFs? We’re getting killed!
Trader #2: I know, man. It’s not that easy to short the index when stocks insist on being green all day.
Banker #1: Remember in 1998 when we killed that client pitch at the Rainbow Room?
Banker #2: Yeah, they were really feeling the connection to our diversified product line.
Trader #1: I think my phone is broken. Everything’s really garbled — all I hear when someone talks is muh-nuh muh-nuh.
Trader #2: Try calling I.T.
Banker #1: I’m working on the acquisition of Kentucky Equine Research by the Massachusetts Institute of Technology.
Banker #2: Ah, the KER-MIT deal. Should do wonders for their grad program in animal tech if they can get the financing done.
Read More http://dealbook.nytimes.com/2012/03/22/goldmans-muppet-scan-and-the-innocent-e-mails/