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To: Republic; M. Espinola; Candor7; LucyT
As Germany mulls legal action against Goldman Sachs , you might want to know who our ambassador to the country is.

He's Philip D. Murphy. You've already guessed who he used to work for.

9 posted on 04/17/2010 8:00:45 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76; All

The continuation article points out that Murphy was the head in Europe from 1993 to 1997. Then he was transferred to Asia where he was head from 1997 to 1999. Subsequently he was a director, and finally left in 2006.

An interesting article in the April 12, 2010, “Business Week” explains that Goldman went “public in May 1999, and while management assured shareholders the firm would continue to derive the bulk of its revenue from investment banking and asset management, Goldman did increase its risk profile and, under Blankfein’s leadership, rapidly reoriented itself from banking to trading. Profits soared...” “A decade later, the percentage of revenue derived from trading and principal investment has ballooned from 55% to 76% in 2009. Thus Murphy had left Europe in 1997 when discussions about going public had begun in the company, and over in Asia left the company in 1999 when it did go public. In 1998 there was “vigorous internal debate” about changing the focus of the company to compete with hedge funds and the like. Who knows what Murphy thought about all this, but he did get out of management.

Then there is the issue of his being a Director. “At a now legendary meeting on Dec. 14, 2006...Goldman executives, jittery after 10 straight days of losses in their mortgage portfolio..The decision was made to pare back Goldman’s exposure to the housing market.” Murphy left the Board in 2006. This was well before the mortgage market began to tank, although he may have been well aware that there is a dangerous level of risk that he did not want any part of. I think we need more information about the man. I don’t get the impression he was a major player in the serious stuff.


21 posted on 04/17/2010 11:33:31 PM PDT by gleeaikin
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