'I'm Not Comfortable Owning Goldman': Money Pro
"It’s not a stock that I’d prefer – I think it’s a different company then it was 10-years ago and I think the op-ed is indicative of that."
That’s what top money manager Jamie Cox of Harris Financial has to say about Goldman Sachs as the Fast Money crew mulled over a controversial editorial in the New York Times titled “Why I Am Leaving Goldman Sachs.”Penned by Goldman executive director Greg Smith, the op-ed makes scathing comments about the firm.
“It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “Muppets,” says Smith in the editorial
Because of these and other comments, money pro Jamie Cox suggests putting money to work in other financials – not Goldman Sachs.
Fast Money trader Stephen Weiss however doesn't agree; he has trouble devising a trading thesis on the commentary of one banker.
“You’re talking about one employee – you don’t know what his frame of reference was,” says Weiss. “Goldman had a very tough bonus cycle – (Smith) might have gotten schmeistered – who knows?”
But Cox doesn’t think that matters.
“Sometimes perception is greater than reality – I think even if it’s not true – or not entirely accurate – the perception of putting your clients first needs to be paramount. And if anything runs contra to that – I’m not comfortable owning the shares.”
Trader Steve Cortes shares that view. Looking at the chart he says, "just look at the reversal."
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Trader disclosure: On March 14, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Weiss is long RAD; Weiss is long DMND; Weiss is long JPM; Weiss is long BAC; Weiss is long JCP; Weiss is long QCOM; Weiss is long HK; Weiss is long WLP; Weiss is long TBF; Weiss is long TBT; Weiss is short ANR; Weiss is short MT; Weiss is short FCX; Weiss is short AAPL Puts
For Patty Edwards
Edwards is long PM
Trutina Financial is long APPLE (AAPL)
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Trutina Financial is long SPDR Gold Trust (GLD)
Trutina Financial is long PM
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Trutina Financial is long NKE
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Cox owns JPM, BAC
Harris Financial owns JPM, BAC, BB&T
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