Home > Terms > English, UK (UE) > Muppets

Muppets

A term used by Goldman Sachs staff to refer to the bank's clients, or stupid people as the puppet characters created by Jim Henson in the 1950s. In an essay published by the New York Times, Greg Smith, who resigned as an executive director after spending 12 years at the company, accused Goldman Sachs of engaging in blind pursuit of profits at the expense of its clients' best interests. According to Smith, a number of senior executives openly called their clients "muppets". He also blamed the company's management for a steady decline in the firm's moral standards.

After the publication of the essay, Goldman Sachs' shares dropped 3.4 percent in New York trading the next day, which was the third-biggest decline in the 81-company Standard & Poor's 500 Financials Index.

This is auto-generated content. You can help to improve it.
0
Collect to Blossary

Member comments

You have to log in to post to discussions.

Terms in the News

Featured Terms

Harry8L
  • 564633

    Terms

  • 0

    Blossaries

  • 1

    Followers

Industry/Domain: Fitness Category: Workouts

Zumba

Dance fitness program created by Alberto Perez in 1990. It was made up when Alberto, aerobic instructor, forgot his usual recording music one day then ...

Contributor

Featured blossaries

Indonesia

Category: Geography   2 7 Terms

EMA, SmPC and PIL terms in EN, FI

Category: Science   2 4 Terms