Goldman Sachs Executive's open resignation letter

[Anchor]

It makes me ill how people talk about ripping clients off': Goldman Sachs executive quits over firm's 'toxic' culture in extraordinary resignation letter

Executive director Greg Smith quits in open letter in the New York Times

Firm 'more interested in making money than the clients' interests'
Claims colleagues called clients 'muppets' and talked of 'ripping eyeballs out'
CEO and president say they were 'disappointed' to read the claims
Commentators suggest the conditions are commonplace on Wall Street
Friends describe South African-born Smith as 'an exceptional person'


A Goldman Sachs executive has dealt a deeply embarrassing blow to the firm by quitting in an open letter in which he lambasts the working environment as 'toxic and destructive'.

Greg Smith, an executive director who has worked at the New York-based investment bank for 12 years, claimed it is more interested in making money for itself than its clients.

http://www.dailymail.co.uk/news/article-2114829/Greg-Smith-resignation-letter-Goldman-Sachs-exec-quits-firms-toxic-culture.html

Very interesting...

[WhiteFeather]

Its about time somebody fest up.

[math330]

It didn't take Goldman's too long to launch their defence.. and typical of the BBC's 'Business editor' to defend Goldman's and avoid looking at the bigger picture.
Although, they do mention the 'Vampire Squid' quote but only in passing. Another whistleblower swept under the carpet nice and quickly.. Goldman's will continue to roll on and ruin.


http://www.bbc.co.uk/news/business-17373736

"Goldman Sachs' boss has rejected claims by a former employee that its environment is "toxic and destructive"."

BBC business editor Robert Peston describes Mr Smith's comments as a "lament of an investment banker who joined the firm just under 12 years ago filled with idealistic enthusiasm".
"I've been watching Goldman for more than 20 years, and I'm not persuaded it was ever the co-op Mr Smith seems to think he joined," our correspondent says.
Even as an executive director, Mr Smith still had an estimated 2,000 managing directors and partners above him in the pecking order.
Bill Cohan, a former investment banker and author of a book on Goldman Sachs, said Mr Smith would know how the Wall Street giant treated clients in his division. But he questioned "whether or not he understands the Goldman strategy overall".
"He's not on the management committee or even a partner of the firm," Mr Cohan told Bloomberg TV.
"He's toast. He is completely toast in terms of Wall Street, no question about that," he added.

[Catsquotl]

Yeah well. After 12 years of ripping people of in name of my firm. I would like to save some face before i go off living off the money i made the last decade.
Especially if something small inside the firm pissed me of like getting a smaller office or a reprimande by GS himself..

Lets see what would I do. Wel write an open resignation of course.. claimeing how everyone but me is the bad guy and that I feel really remorsefull and such.
And maybe then when I go and live in the bahama's or something someone will like me..

blegh

WIth Love
Eelco
( who hopes some good may come of this open letter, but very much doubts the sincerity and reaons behind it)

[applepie]

Here is another whistleblower from Goldman Sachs:

http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=57019&SearchText

[applepie]

Sorry, the whistleblower is not from Goldman Sachs but from JP Morgan.

[Fred Ryan]

I believe the term for individuals who behave is such a way is "Corporate Sociopath". They exist all around us and tend to do extremely well in most organizations. Interesting that someone fairly high up in Goldman Sachs would decide to shine the light on them. Hope we see more of this in the coming months.

[Operator]

Yeah well. After 12 years of ripping people of in name of my firm. I would like to save some face before i go off living off the money i made the last decade.
Especially if something small inside the firm pissed me of like getting a smaller office or a reprimande by GS himself..

Lets see what would I do. Wel write an open resignation of course.. claimeing how everyone but me is the bad guy and that I feel really remorsefull and such.
And maybe then when I go and live in the bahama's or something someone will like me..

blegh

WIth Love
Eelco
( who hopes some good may come of this open letter, but very much doubts the sincerity and reaons behind it)

If other employees draw the same conclusion like you did they may follow his example ... it's just another way of getting rid of them ...
so yeah something good may come of this.