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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 msnbc.com:
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."

...[snip]...

"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....
4
ClickClackClickClack18 posts since
Feb 7, 2012
Rep Points: 149
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.

 
4
ClickClackClickClack18 posts since
Feb 7, 2012
Rep Points: 149
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!!!
3
ApacheApache43 posts since
Dec 5, 2011
Rep Points: 565
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