There’s One Honest Man At Goldman Sachs – At Least, There Used To Be…

Greg Smith is a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, ask the Middle East and Africa.

At least, sovaldi sale he was until today. He just resigned.

He explained why to the New York Times:

Today is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, pills then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief…”

Read more in the New York Times “Why I Am Leaving Goldman Sachs” NYT, March 14th 2012

There used to be one honest man working for Goldman Sachs.

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2 Replies to “There’s One Honest Man At Goldman Sachs – At Least, There Used To Be…”

  1. It takes incredible integrity and courage to come out like this as he is making himself virtually unemployable.
    I cheer for him and hope that he’ll earn a good living in a place that respects him.

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