Posted on 03/14/2012 6:52:39 AM PDT by SeekAndFind
YouTubeWell this seems sure to be the buzzy Wall Street story of the day.
It's also sure to be another PR nightmare for Goldman Sachs.
Greg Smith, a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa, has announced he's quitting the firm in a most public manner: He did so by writing a long NYT op-ed denouncing what the firm has become.
After nearly 12 years, he says, the place is as "toxic and destructive" as he's ever seen it.
He slams the culture under Lloyd Blankfein, saying that the firm puts making money over clients, and that he can no longer in good conscience stay there and recruit people.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.
He says he was once proud of working for Goldman, but not now...
I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.
What really galls him is the extent to which the sole focus is making money off clients, rather than servicing them:
(Excerpt) Read more at businessinsider.com ...
RE: More like a funny bone!!!
I don’t see Goldman Sachs laughing.
“I don’t see Goldman Sachs laughing.”
You ought to call them - my firends in D-1 are laughing their arses off!
There needs to be a culture change on Wall Street. The Left and Internationalists has totally cleansed the ethics out of business. I think this guy is telling the truth and if that keeps him from getting a job on Wall Street, who cares. Who wants to live like an amoral animal for money?
Nice politispeak “culture change”
People that never worked on Wall St always think they know the best remedy... LOL!
puh-leese...
Deregulate wall st make it the cash cow it was during the 1990’s.
You can thank Arthur Levitt for killing the golden-goose BTW...
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