Daily Archives: June 19, 2014

John Gapper

No-one emerges well from the legal battle between Goldman Sachs and Deeb Salem, its former mortgage trader who claims that his $8.25m bonus for 2010 amounted to severe underpayment. It is no wonder that Goldman tried to seal the documents in what it calls an “utterly ridiculous” case.

The problem for Goldman and other Wall Street firms is that they have encouraged that sense of entitlement among employees – one that strikes almost everyone outside Wall Street as delusional. Mr Salem’s claim is merely an extreme example of a much wider problem.

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They tell you not to fix a meeting before 11am at the Lions advertising festival in Cannes because the guests will either have been up so late toasting their own creativity, or are so jet-lagged after flying in from Los Angeles, that they will not show up. I should have listened.