Greg Smith, Executive Director at Goldman Sachs, announced that he is leaving the firm, which he now describes as "toxic and destructive." He thinks its CEO, Lloyd Blankfein, has lost control of the company, which has been in existence for 143 years. As a manager of more than a trillion dollars in assets, Smith always felt a need to look out for the clients' best interest, not just what was most profitable for Goldman Sachs. He saw that managing directors there had "referred to it clients as 'muppets.'" The firms' junior analysts only cared about how much money they made from clients of its derivatives. He thinks the firm must weed out the corruption if it is going to make money for clients in the long term. The firm should get rid of those people suspected of questionable conduct even if they are the firm's biggest moneymakers at the moment.
http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1
http://thinkprogress.org/economy/2012/03/14/444173/goldman-sachs-resign-toxic-culture-column/
No comments:
Post a Comment