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.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Banking
- Category: Investment banking
- Company:
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
World of Warcraft
World of Warcraft, or WoW, is a large multiplayer online role-playing game by Blizzard Entertainment. It is the fourth episode in the fantasy Warcraft ...
Contributor
Featured blossaries
stanley soerianto
0
Terms
107
Blossaries
6
Followers
Argentina National Football Team 2014
Browers Terms By Category
- Christmas(52)
- Easter(33)
- Spring festival(22)
- Thanksgiving(15)
- Spanish festivals(11)
- Halloween(3)
Festivals(140) Terms
- General accounting(956)
- Auditing(714)
- Tax(314)
- Payroll(302)
- Property(1)
Accounting(2287) Terms
- Industrial automation(1051)
Automation(1051) Terms
- News(147)
- Radio & TV broadcasting equipment(126)
- TV equipment(9)
- Set top box(6)
- Radios & accessories(5)
- TV antenna(1)
Broadcasting & receiving(296) Terms
- General astrology(655)
- Zodiac(168)
- Natal astrology(27)