Goldman Scours Emails for 'Muppet' References

Lloyd Blankfein struggles to control Greg Smith fallout

By Kevin Spak,  Newser Staff

Posted Mar 22, 2012 11:36 AM CDT

(Newser) – Goldman Sachs is searching its internal email system for any use of the term “muppet,” as it struggles to spin a scathing op-ed piece from departing executive Greg Smith. In a conference call with Goldman partners last week, CEO Lloyd Blankfein assured them that they'd root out any instance of employees disparaging clients, sources tell Reuters. Blankfein didn't specify what he'd do if they found anything.

In one memorable passage of his parting shot, Smith said he'd “seen five different managing directors refer to their own clients as 'muppets.'” They probably didn't mean Kermit and company either; “muppet” is British slang for moron. In an internal memo last week, Blankfein and President Gary Cohn warned employees that they'd be “carefully” examining the issues Smith raised.

Traders work in the Goldman Sachs booth on the floor of the New York Stock Exchange Thursday, March 15, 2012.
Traders work in the Goldman Sachs booth on the floor of the New York Stock Exchange Thursday, March 15, 2012.   (AP Photo/Richard Drew)
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