Forum Post: Greg Smith Resigns and Spills The Beans on Goldman Sachs! Is OWS's message starting to resonate?
Posted 5 years ago on March 16, 2012, 3:15 a.m. EST by Odin
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Greg Smith was the executive director and head of Goldman Sach's US equity derivatives business in Europe, the Middle East, and Africa......and this past Wednesday on the 14th of March, Mr. Smith resigned. It wasn't just his resignation that made news, but it was the spectacular way he did it. His resignation appeared in the New York Times op-ed page..... and in his letter he slammed the unscrupulous practices of Goldman Sachs.
Mr. Smith said, "I believe I have worked here long enough to understand the trajectory of its culture, its people, its identity. And I can honestly say that the enviroment 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..." Mr. Smith went on to say that in the past year, "I have seen five different managing directors refer to their own clients as muppets [British for a stupid person]."
One of Mr. Smith's other jobs at GS was recruiting talent from business schools, and managing the summer intern program in sales and trading. He said, "I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work."
Adding to Mr. Smith's resignation are students in Yale and Harvard.... when the the big banks came a calling....they were holding up signs and chanting things like, "Take a chance, don't go into finance." At Princeton University, a group affiliated with OWS interrupted sessions by JP Morgan Chase, and Goldman Sachs, urging their fellow students to rebel against what is "the campus culture that whitewashes the crooked dealings of Wall St. as a prestigious career path."
In Austin, Texas a panel convened which was called, "Keeping the Kids off The Street: Wall St. vs. Start-ups. and the question that was posed was whether the finance industry was to blame for what it called a, "failure to nurture a culture of innovation." One student named Ben Pruden who is in his second year at McCombs School of Business in Austin said, "I have no interest at working at Goldman," he also said, "I want to build something. I don't want to be working in an industry that effectively leeches off other industries."
Getting back to Greg Smith, one of his friends on facebook said, "Wow courageous stuff Smithers!", another friend put it very succinctly when he said, "I am proud of you Greg. You are showing the World their higher selves."
I don't think that I would be going out on a limb in speaking for the Occupy movement in saying, 'We are all proud of you too, Greg." It is time we all look to our "higher selves" in making this a better world.