Wednesday, March 14, 2012

Goldman Sachs is leader in Wall Street's degeneration

Goldman Banker Quits In Disgust, Blasts Firm For “Ripping Off” Clients

Another PR disaster is unfolding for Goldman Sachs (GS), the Wall Street investment bank that has already borne the brunt of popular wrath in the aftermath of the financial crisis.
A senior executive at the firm, Greg Smith, quit today in spectacular fashion, announcing his resignation in a scathing New York Times editorial in which he accused the firm of gleefully "ripping off" its clients and succumbing to short-term greed.
Within today's Goldman Sachs, Smith says, senior bankers often refer to the firm's clients as "muppets."
The firm has lost the culture of integrity, teamwork, and humility that once made it great, Smith says, and instead has become a place that is "as toxic and destructive as I have ever seen it."
"It makes me ill how callously people [in the firm] talk about ripping their clients off," Smith continues... "Leadership [at the firm] used to be about ideas, setting an example, and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence."
Read article: Why I Am Leaving Goldman Sachs By GREG SMITH
Comment:  GS has not only ruined Wall Street, its leaders have also had corrupting influence on American politics. The GS clique in politics is even worse than those back home who just make money.


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