Bankers & the Muppet Show …

“Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets'”… said Greg Smith, a vice-president of Goldman Sachs investment bank last week, in an open letter to the New York Times.
Conclusion; the bank only cares about itself and not its customers! It only sees customers and money making objects by selling them products of dubious value which the bank wants to get rid of.  “It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of those meetings, you would believe that a client’s success or progress was not part of the thought process at all,” wrote Smith.

Everyone thought that they could create value out of thin air and forget the basics of business – that wealth only comes form creating true value anf no clever financial engineering can create value out of something that was not there to start with.

Michael Douglas, as Gordon Gekko in the film Wall Street 2, descibed this well ….
“But it is greed that makes my bartender buy three houses, he cannot afford with no money down. And it is greed that makes your parents refinance their 200,000 dollar mortgage for 250,000 dollars. Now they take that extra 50,000 dollars and go to the shopping mall so they can buy a new plasma TV, cell phones, computers and an SUV. And hey, why not a second home while we are at it. Gee Wiz, we all know the prices of houses in America always go up. Right?
It is greed that makes the government of this country cut the interest rates to 1% after 9/11 so we can all go shopping again.
They got all these fancy names for trillions of dollars for credit, CMO, CDO, SIV, ABS. You know I honestly think there are only 75 people in the world that knows what they are. But I will tell you what they are, they are WMDs. Weapons of mass destruction!”

Goldman Sachs CEO, Loyd Blankfein said in 2009 that Goldman Sachs were ‘doing the work of God’, defending the bank’s mega-profits.

Clearly, the ‘work of God’ consists of the second great commandmentwhich Jesus told  to ‘love your neighbour as yourself’and not to earn money at the expense of your customers. ‘the muppets.’

Customer service is the reason for the existence of companies. True profit lies in the ability of a supplier to to serve their customers in order that they can realise their goals.

Mark described Jesus’ mission. “For the Son of Man came not to be served but to serve and give his life to set many free” (Mark 10:45.)

This is also my mission – to serve my customers and help set them free to enjoy all God has given them!


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