The artwork of theives

Thomas Jefferson is so right, Banking Institutions are more dangerous than standing armies:

A Goldman Sachs trader recently told me that he constantly rips off endowments, charities, and foundations when they would call up and want to invest. "Whenever I hear it's a non-prof, then you just ladle on the extra fees," he told me.

That's because he knew they were usually unsophisticated investors and wouldn't do comparison shopping or know how to properly analyze a fee schedule. He justified it by saying it was, "their fault... when you only call up one place, what do you expect?"

[...]

And if you manage the investing on behalf of a non-profit, endowment, foundation or charity, and have an account with Goldman, or any brokerage for that matter, and you're not 100% certain you understand all the fees on your investment, now would be a great time to check them out.

It still doesn't make what he does any righter. If you're reading this, Goldman guy, you should really think about who you've become and what worse creature you're on the path the turning into.

Reported by The Consumerist
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