Goldman Cuts Out Free Bottled Water for Employees
Posted on: Apr 3rd, 2008 | By Contrarian Profits | Filed under Featured, Financial News, Politics & Economics
The Huffington Post reports that one of Wall Street’s most venerable institutions, Goldman Sachs, is forcing employees to pay for their own drinks from now on.
According to the Huff Post: “Thirsty traders at Goldman Sachs now have to spring for their own beverages after the firm abruptly removed the drink bins that were filled daily with free soda and bottled water, according to several Goldman insiders.
Despite cutbacks on Wall Street and continuing uncertainty surrounding banks’ exposure to the subprime mess, a lot of commentators have been calling a turnaround for the markets this week.
“Beware,” says Ben Traynor in Fleet Street Daily. “We could be seeing a ‘value trap’ in the current stock market rally — a short-term rise that will suck in early optimists. It’s tempting to think a lot of ‘value’ is being uncovered right now. Tempting to try and be clever and pick up what we think are bargains.
“But if we get a long-term bear market, shares could get a lot cheaper before it’s all over. You don’t want to be holding them if that happens.”