Former Goldman Trader: $8M Isn’t Enough

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June 19 (Bloomberg) –- Bloomberg’s Michael Moore discusses Deeb Salem, a former Goldman Sachs trader who said his bonus was unfairly docked because of a written warning he received about his 2007 self-evaluation. He speaks on Bloomberg Television's “Market Makers.” (Source: Bloomberg)

Goldman sachs?

He was a mortgage trader, the managing director which is the second-highest title at goldman.

He helped to put on what was known as the big short at goldman, which made the firm a lot of money.

Which made the firm a lot of money.

Saved you from a lot of losses and put them in a better position than other banks coming into the crisis.

A lot of banks were hurting in 2007 and goldman had a great year and it set them up very well.

He was well compensated for that.

This was 2007-2008 but this concerns 2010. were they making that much money in 2010? not as much as at the peak but it was still making more than $1 billion in 2009 and 2010. not insignificant and he was paid -- he was paid $15 million and lloyd blankfein got more than that.

He was making a lot of money for the firm, but 2010 is the issue because that year he did not get what he was expecting.

What does goldman has to say about this?

They call the claims utterly ridiculous, and he says he was a scapegoat who should have been paid more based on his production but he was docked and goldman is not fight this, he was docked for a written warning he received for his conduct, related to a 2007 self-evaluation and -- goldman takes these very seriously.

In that evaluation he was bragging about himself and talked about attempting a short squeeze, which is borderline market manipulation.

He said he was using this code locally -- colloquially and did not mean it.

But this started an investigation into goldman sachs and it became public and was part of the allegations against goldman by the senate.

This did a lot of reputation damage.

It really crossed the line on the mutilation front.

I wonder what the response from goldman was to that evaluation in 2007 and is that why they did not pay this man $8 million?

At the time he said he got no pushback of that self-evaluation, except for a different line in which he compared himself to michael jordan and they asked him to be a little bit more professional.

So that got the criticism.

He said at that time he got no criticism of it until the senate started asking about it and then it became an issue.

There is no question that he has a very high opinion of himself.

A hearing held on february 25, a transcript that you have a copy of, at that hearing he says, let's be very clear, i was one of the most sought after professionals in the mortgage industry with the opportunity throughout the course of my career, for almost every month, i could leave for other opportunities.

He thinks that he is pretty hot.

The casey is making is that goldman executives made verbal promises to him and that is why he stuck around.

His thing is he could have left for hedge fund at any point, and i did that and they did not pay me what they said they were going to pay me, i am suing to get this money.

Is there a sliver that he actually gets this?

His arbitration hearing was thrown out very quickly.

It is based on a lot of verbal promises.

His case is he did not get to present his whole case.

They did not get to present his whole case.

We don't know what else that he has but what was dismissed was a lot of he said, he said.

Michael, terrific story.

This text has been automatically generated. It may not be 100% accurate.


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