A Bit Of Virtue From A Former Goldman Executive

Did you read this New York Times article by a Goldman Sachs executive who wrote the op-ed on the day he was leaving Goldman ? If not, I’ll wait; Go read it.

Greg Smith is a 12 year veteran at Goldman and he quit his job on March 14th after all these years because, he says, he cannot, in good conscience promote Goldman products to his customers since the products are schemed to produce profits for Goldman alone and often at the customer’s expense. He says

[The Goldman culture] revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. Goldman Sachs today has become too much about shortcuts and not enough about achievement. It just doesn’t feel right to me anymore.

I guess the surprising part about this is that apparently Goldman was a good firm earlier and now it has become the evil, soulless money pit that we have come to regard it. When Greg Smith joined 12 years ago, this company was the beacon of integrity, honesty and prosperity and it was able to maintain it for the most part of those 12 years. From his article, it would seem like, only recently they have morphed into the world’s richest sleaze ball.

Somehow, I find it hard to believe. Surely, the company that played a central part in destroying the US economy and through deceptive and illegal means spread the risk across the world which contributed to the global financial melt down did not turn into this ultra-selfish, morally bankrupt company just like that. It has to be through their coordinated efforts with which they bought lobbyists, lawyers and, of course, the congress and the people who run the government they have become this Temple Of Doom from the financial district.

I think this guy can stop worrying about Goldman’s customers. Compared to the rest of us, the customers of Goldman Sachs are doing much better.

[Post: 232 of 365] [Days Missed: 66]
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