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A Goldman Sachs Exec Quits, Calling The Firm's Environment "Toxic"

Wednesday, March 14, 2012 - 10:55 AM
From The Bottom Line at
In a very public and scathing resignation letter, Goldman Sachs executive director Greg Smith has called the atmosphere at the massive investment bank "as toxic and destructive as I have ever seen it."


"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as 'muppets,' sometimes over internal e-mail," wrote Smith....
ClickClackClickClack25 posts since
Feb 7, 2012
Rep Points: 168
1. Wednesday, March 14, 2012 - 11:44 AM
Two follow-up notes for those interested in this story:

(1) Direct link to the NYT op-ed "Why I Am Leaving Goldman Sachs"

(2) From The Huffington Post: "Greg Smith's Goldman Sachs Resignation Sparks Predictably Hilarious Twitter Explosion" contains some valid criticism of the outspoken ex-VP.

ClickClackClickClack25 posts since
Feb 7, 2012
Rep Points: 168
2. Wednesday, March 14, 2012 - 7:15 PM
I just saw this on the news.  I wonder how much money he was willing to take all those years helping to rip off the customers before he developed a conscience and decided to go public with his story.  Maybe they wouldn't give him that huge retirement bonus he wanted??  I have a feeling he has quite a ton of money for his "golden" years because it's obvious no other financial company is going to hire a whistle blower.  Like mature customers don't know they are being ripped off!  People can be very greedy when they think they can make a lot of money from an investment and they have to take the blows when the investment turns out not to be a winner.  I wonder if this guy will get a book offer from his sad story.  More ways he can make money off of the terrible things he "had" to do while working for GS!  Boo hoo!!!
ApacheApache43 posts since
Dec 5, 2011
Rep Points: 565