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View Full Version : Goldman Exec quits, calling firm 'toxic'



Jake
03-14-2012, 09:23 AM
NEW YORK (CNNMoney) -- A Goldman Sachs executive has resigned in a very public manner -- calling the firm "toxic" and disrespectful of its clients in a scathing op-ed piece published in Wednesday's New York Times.

"I can honestly say that the environment now is as toxic and destructive as I have ever seen it," wrote Greg Smith on his "last day at Goldman Sachs," capping 12 years with Wall Street's gilded firm.

Smith -- who resigns as a Goldman executive director and head of U.S. equity derivatives business in Europe, the Middle East and Africa -- detailed the disintegration of the company's culture during his time there.

Smith's main gripe is that the firm cares more about making money from its clients than making it for them.

"It makes me ill how callously people talk about ripping their clients off," he wrote. "Over the last 12 months I have seen five different managing directors refer to their own clients as 'muppets,' sometimes over internal e-mail."

http://money.cnn.com/2012/03/14/markets/goldman_sachs/

He just realized this? :lulz:

Double R
03-14-2012, 09:37 AM
I'd say it's more of a case where he kept mulling and mulling and mulling, etc until he finally broke. The cons outweighed the pros.

However, I'm sure he made millions so it's not like he's going to be eating ramen and vienna sausages for the next year.

I'd be more impressed if he made minimum wage or something.

Punisher11
03-14-2012, 10:24 AM
exec director making min wage?

but for real, if he was making like 500k, i think this would have been something

Double R
03-14-2012, 11:31 AM
No, I'm saying it's a bigger deal to quit for moral reasons if you aren't set for life.

Like someone making minimum wage at McDonalds quitting for moral reasons even though they might end up homless.

This guy might have to put off that new catamaran for a few months.

Jake
03-14-2012, 11:47 AM
Reminds me of someone I know

infamousdx
03-14-2012, 01:38 PM
This guy must be gearing up to run for office or write a book... lame

XGRaViSmOrSX
03-14-2012, 03:55 PM
This guy must be gearing up to run for office or write a book... lame

.

Fkntkn
03-14-2012, 06:36 PM
I'd shut up and make my money and bounce too.

fuck it, its the American way.

veloceracing
03-14-2012, 10:53 PM
He quit because they wanted him to drink milk that was....

2%

Double R
03-15-2012, 10:04 AM
THE HORROR