The Spinnnnnnnnn Beginnnnnnnns For The Vampire Squid Team

And, boy oh boy, it's gunna take some real spinning to get past Greg Smith's tightly-written and horribly damning account of his reasons for his departure from G-S.

For those who haven't taken the time to read it--this is as good a time as any.

The first salvo appeared in the WSJ, a memo ostensibly written by Lloyd Blankfein (suuuuuuure-he-wrote-it-honest-injun!) which circulated to the employees.

Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

In a company of our size, it is not shocking that some people could feel disgruntled.  But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion.  But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.

In other words: He's just a disgruntled little fish in our big ocean here, never amounted to much, never will. Every time we come 'round and ask ya'll if ya'll are happy, ya'll all say 'Why, sho' nuf Massah Blankfein, we all jest luuuuuuuves working fer you heah at Goldman-Sachs.' That's good enough for us, so get back to work and rape more muppets--I mean clients--this week. Churn out those bond issues you know belong on the toilet paper rolls in the basement lavatories. Flip those stocks, churn those derivatives. Remember above all our motto--IBG/YBG--I be gone, you be gone, long before the muppets--I mean clients--understand how we raped them.'

There is a problem with that approach: Greg was not that small a fish, matter of fact he was very much on the rise and on the inside. His essay makes that clear. His essay makes a lot of things clear, but mainly all those voices that have been screaming that G-S is a corrupt enterprise have been telling the truth.

The attacks on Smith begin in earnest tomorrow. He may need a bodyguard, and he will find out just how completely bought-off both the US and UK governments are. His family, out to the second cousins, will be terrorized. He will be made An Example, An Object Lesson--don't mess with us boy. It would be a shame if your little five-year-old nephew were to end up in some sort of terrible accident, wouldn't it?

When the noise begins in earnest, OS hopes his readers will not be distracted by it.