Thank you, Greg Smith, for being a person of integrity.
http://money.cnn.com/2012/03/14/markets/goldman_sachs/index.htm?hpt=hp_t2
By Aaron Smith @CNNMoneyMarkets March 14, 2012: 5:41 PM ET
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 resigned 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."
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