According to BusinessInsider's Blodgett, "of all the colorful quotes in Greg Smith's remarkable "Take this firm and shove it" letter, the one that reverberated the most was the fact that senior Goldman bankers routinely refer to their clients as "muppets."
And the umbrage is understandable. No one paying Goldman for advice likes to think that Goldman's bankers are running around ridiculing them.
But the sad truth is that many of Goldman's clients ARE muppets (Brit slang for morons).
And so are many of the clients of other huge and massively profitable Wall Street investment banks, money-management firms, hedge funds, and other financial services firms--which is to say, a significant percentage of the consumers of financial-services products.
Read more: http://www.businessinsider.com/goldmans-clients-are-muppets-2012-3#ixzz1pGXC6YQL
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