Greg Smith's resignation letter to Goldman Sachs, published in the New York Times overnight, was a damaging blow to the bank - but perhaps not the harshest leaving letter in the history of finance. We publish below another contender, which Andrew Lahde sent to clients of California's Lahde Capital when he resigned in 2008.
Greg Smith’s resignation letter to Goldman Sachs, published in the New York Times overnight, was a damaging blow to the bank – but perhaps not the harshest leaving letter in the history of finance. We publish below another contender, which Andrew Lahde sent to clients of California’s Lahde Capital when he resigned in 2008.
Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye.
Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, “What I have learned about the hedge fund business is that I hate it.”
I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking.
These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government.
All of this behavior supporting the Aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.
There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list those deserving thanks know who they are.
I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards.
Moreover, I will let others try to amass nine, ten or eleven figure net worths.
Meanwhile, their lives suck.