Goldman Sachs is one of the world's most ruthless corporations, making billions through destroying economies, manipulating markets and inflating bubbles, and leaving a trail of human misery in its wake. Its unprecedented reach and power make it seem untouchable -- but it isn't.
Goldman has a weakness: its bottom line.
Right now, as SumOfUs members, we have a real opportunity to hit that. Multibillion dollar pet supplies retailer Petco has just hired Goldman to lead the sale of its company to a private equity group or, failing that, to manage its initial public offering (IPO). If we can get Petco to drop Goldman, it could cost Goldman millions.
Tell Petco to drop Goldman Sachs.
Goldman Sachs clearly doesn't care about public perception -- its employees have even referred to the “shitty deals" they do for their “muppet" clients.
But one of the ways the investment bank makes money is by underwriting IPOs -- the sale of shares of stock to the public for the first time.
And the companies it underwrites are often public-facing companies like Petco, who care very much what their customers and potential customers think.
If SumOfUs members can be there at every IPO deal Goldman Sachs tries to make, pointing out the reputational risk of hiring an organization as vile as Goldman Sachs, we can start hitting Goldman's bottom line -- and ultimately get Goldman Sachs to change its ways.
Petco: don't let Goldman Sachs lead your sale or IPO.
It's not going to be easy. Goldman Sachs has enormous financial resources and, thanks to the revolving door between Wall Street and DC, enormous political power.
But it's important.
Goldman is a world leader in crisis capitalism, with a long history of making huge profits at the expense of ordinary people. It's helped to destroy the economies of Libya, Ghana and Portugal. In 2001, it helped Greece to mask the extent of its debts so Greece could meet EU requirements -- a deal that earned Goldman Sachs a sickening $793 million and left Greece in flames.
We know what we can achieve when we stand together as a community, and now it's time to take on one of our biggest challenges yet: Goldman Sachs.
Last week, SumOfUs members came together to tell SoulCycle -- another company hiring Goldman to lead its IPO -- to drop the investment bank. Now we need to get Petco to do the same. If enough Petco shareholders, customers and potential customers tell its executives to drop Goldman Sachs, Petco will listen -- and Goldman's bottom line will suffer.
Will you tell Petco to drop Goldman Sachs?
The Great American Bubble Machine, Rolling Stone, 5 April 2010
Petco hires Goldman Sachs for sale or IPO-sources, Reuters, 3 August 2015
Petco's SEC filing, The Securities and Exchange Commission, as filed with the SEC on 17 August 2015
Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro, The Independent, 11 July 2015
Not So 'Fabulous' Fab: Ex-Goldman Sachs Trader Fabrice Tourre Found Liable for Fraud, Time, 1st August 2013
Lloyd Blankfein Says He Is Doing "God's Work", Business Insider, 9 November 2015
Why I Am Leaving Goldman Sachs, The New York Times, 14 March 2015