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Forum Post: Resigning Goldman Sachs EMEA Head Slams "Toxic & Destructive", "Morally Bankrupt" Leadership, & Rip-Off Culture

Posted 7 years ago on March 14, 2012, 8:50 a.m. EST by GildasSapiens (266)
This content is user submitted and not an official statement

Why I Am Leaving Goldman Sachs

By GREG SMITH (a Goldman Sachs executive director, and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa)

"TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, 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."

http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html

20 Comments

20 Comments


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[-] 3 points by enough (587) 7 years ago

President Obama and every president before him has protected Goldman and the other big banks from the arm of the law. Obama believes that Wall Street did not break any laws although their conduct may have been unethical. That is insult to all Americans who are suffering the consequences of Wall Street's depredations. Yet most posters here support Obama. What does that say about the OWS movement?

[-] 2 points by Demian (497) from San Francisco, CA 7 years ago

I dont know I shake my head in exasperation everytime I see one of these people on here defend this fraud. I can only hope that they dont speak for the majority of the movement, because if they do OWS is going no where.

[-] 1 points by enough (587) 7 years ago

Obama's biggest financial contributors are Wall Street bankers. He appointed Wall Street flunkies Bernanke and Geithner to run our economy at the behest of Wall Street donors. He invited bank executives into the White House on numerous occasions to get their advice. The first two Chiefs of Staff in Obama's Administration, Emanuel and Daly, were selected specifically to ensure that Wall Street's needs are attended to. Obama brushes off criticism of Wall Street executives, who crashed our economy through excessive greed, by saying in public that they may have been unethical but did not actually break the law. Why on earth would anybody, especially #OWS supporters, vote for this punk politician who is obviously in the tank for the bankstas. Not one on them has been held to account. Instead, Wall Street executives are actively protected from criminal prosecution by Obama's SEC and U.S. Justice Department. His Republican opponents may not be any better, but one should never vote for an incumbent who betrayed our trust and insults us continuously with his jive-ass rhetoric intended for the less informed and gullible among us.

[-] 1 points by owsleader1917 (7) 7 years ago

OWS only exists to re-elect Obama 2012. This was established last October 2011.

Van Jones and the SEIU bought and paid for the OWS movement back in November when Kalle Lasn sold it to the highest bidder. This is why they're so protective of the public employee unions.

In the past 2 weeks the OWS forum has been completely taken over by US Military interest, bots, and censors.

[-] 1 points by Demian (497) from San Francisco, CA 7 years ago

Where is your proof for this statement?

[-] 1 points by owsleader1917 (7) 7 years ago

The one thing I find fascinating about this post is this Goldman Sach's guy said that all evil started under the current guy, Blankfeil, but that is a crock of shit, as Corzine the guy who PAID for Obama's election is the biggest asshole on earth and ex-goldman sachs CEO.

This is old shit, Goldman-Sachs has been fucking 'investors' for generations, shit I can remember in the 1970's them playing games with people's accounts, ...

I would watch this guy carefully this story is a plant, ... its main premise is that the problem are new, ... and that just a few bad apples in the recent years have taken over.

This is not true, Goldman Sachs has been FUCKING the customer for over 100+ years, and if you didn't fuck the customer you didnt' get ahead.

What's most interesting is that after Corzine left Goldman Sachs he went on to run New Jersey as governor, then he ran MF global and stole $3Billion dollars a few months ago, he should be in prison, but he paid for Obama to be prez so he walks a free man.

The guy who wrote this OP fails to mention that Goldman Sachs was rotten to the core before Corzine and since the day they were born.

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

is bad is mad and twist 'em till the cross accuse and prosecute

[-] 1 points by owsleader1917 (7) 7 years ago

The RICH never go to jail in ameriKKKa, I watched OJ closely back in the day, and had he gone to jail I would have lost faith in the USA legal system, but OJ brought JOY to my heart, he proved what most of us already know if you hire the best lawyer that money can buy, you can keep out of jail.

Today OJ is in jail, only because his money is gone.

Corzine put Obama in power,

Under Obama NO BANKER has EVER gone to prison. Period.

Goldman Sachs PAID more for Obama to be president than any contribution in history, this fact is on Wikipedia.

All the players have paid. If any of you think that anybody is going jail then you don't understand the US government.

Prosecution is selective. Torture is random. Killing is planned, and the Government is Orchestrated.

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

if the media is owned by the same that own the representatives

there should be no need for campaign funding

[-] 1 points by owsleader1917 (7) 7 years ago

If your programmer bothered to tame his BOT your writing would be coherent, if BOTS weren't ran by the OWS then you would have been deleted long ago, and not have 5923 points.


The 'media' MSM or 4th estate really has nothing to do with elections, as you know it now costs a Billion dollars to host an election in the USA. The money by definition can only come from the rich. This is so old and boring as OWS-BOTS are stupid to the core. The USA is a Hamiltonian Government, Federalist and ruled by Financial Interest since 1776. Every thing is working exactly as designed.

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

just seems odd

campaign contribution go to advertising which the media can already control via who to have on their news reports

unless that money is going out to ground organization that motivate or demotivate? the vote

[-] 1 points by owsleader1917 (7) 7 years ago

You just don't get it do you?

Campaign money goes for PUSSY, FOOD, ...

Why in the fucking hell do you think they call it the DEM-PARTY, or the PUG-PARTY?

It's a fucking party, and its all about CASH.

Advertising is booked at RETAIL, but there are ton's of kick-backs, sure TV time is expensive and part of the game, but its easy to hide the CASH, you can hide $1,000/day just by saying you paid cash for pizza's for the troops.

So what are they supposed to pay the folks that own the TV channels? Blow-Jobs by Obama?

Here's the deal, the TV networks are all owned by the Military-Industrial-Complex, ABC,NBC,CBS, ... but the cash is needed to fund the biz, but the real goal is to keep the WAR's in motion.

CASH is the blood of poly-ticks,

Advertising is just the latest means to connect, years ago they used to BUY BEER and PAY people to VOTE, ... today people are FED SHIT on TV.

Never under-estimate the millions that are pocketed, this is WHY most poly-tickians become RICH.

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

re-electing Obama is not on my list of things to do

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

lol

I know more OWS agenda than republican agenda

[-] 1 points by owsleader1917 (7) 7 years ago

Goldman Sachs was the LARGEST single contributor in history to the OBAMA campaign. Fact, look it up, its on wikipedia.

Goldman Sachs runs the world, and they put Obama in Power.

What does it say about OWS? Just asking that question will get you banned and this OP banned and this subject is taboo.

It's all quite fascinating, its a fact that SOROS paid for OWS, but no evidence that KOCH paid for TEA-BANGERS, yet its illegal to mention that SOROS paid for OWS, the richest investment banker in the world. A man whose only life mission is 'population control', .e.g. culling of the world masses from 6Billion to 1/2 Billion.

[-] 1 points by toukarin (488) 7 years ago

One colossal "Fuck You!" to his bosses before he quits? Well one thing is for sure... he is not working anywhere on Wall St again. Probably good for his Karma too...

But if it took him 12 years to figure this out... I can only wonder what he was doing at Stanford...

Also... ten bucks says he launches a book in the next few months...

[-] 1 points by owsleader1917 (7) 7 years ago

The guy who wrote this OP fails to mention that Goldman Sachs was rotten to the core before 2001 and since the day they were born.

The one thing I find fascinating about this post is this Goldman Sach's guy said that all evil started under the current guy, Blankfeil, but that is a crock of shit, as Corzine the guy who PAID for Obama's election is the biggest asshole on earth and ex-goldman sachs CEO.

This is old shit, Goldman-Sachs has been fucking 'investors' for generations, shit I can remember in the 1970's them playing games with people's accounts, ...

I would watch this guy carefully this story is a plant, ... its main premise is that the problem are new, ... and that just a few bad apples in the recent years have taken over.

This is not true, Goldman Sachs has been FUCKING the customer for over 100+ years, and if you didn't fuck the customer you didnt' get ahead.

What's most interesting is that after Corzine left Goldman Sachs he went on to run New Jersey as governor, then he ran MF global and stole $3Billion dollars a few months ago, he should be in prison, but he paid for Obama to be prez so he walks a free man.

The guy who wrote this OP fails to mention that Goldman Sachs was rotten to the core before Corzine and since the day they were born.

[-] 1 points by toukarin (488) 7 years ago

There are 3 possibilities I can see.

1: They didn't give him his cut and hes pissed. 2: He was a dumbass who took 12 years to figure this out. He may have a conscience, but he is dumb if he didnt see it earlier. 3: Its a plant.

I would root for 2 just because I am an optimist. But like I said... ten bucks says hes putting out a book about his 'experiences' in a few months.

[-] 1 points by GildasSapiens (266) 7 years ago

"A Response from Goldman Sachs From Chairman Lloyd Blankfein

NEW YORK (The Borowitz Report)

The following letter to Goldman Sachs’ worldwide clients was issued today by Goldman Sachs CEO Lloyd Blankfein:

Dear Goldman Client:

By now, many of you have probably read the regrettable resignation letter published in today’s New York Times by former Goldman executive Greg Smith, explaining why he is leaving the firm after twelve years.

In the letter, in which he excoriates Goldman and his practices, Mr. Smith comes across as a man of conscience, ideals, and high moral standards. And as you read his words, you no doubt asked yourself this troubling question: how could Goldman have hired such a person?

At Goldman, we pride ourselves on our ability to scour the world’s universities and business schools for the finest sociopaths money will buy. Once in our internship program, these youths are subjected to rigorous evaluations to root out even the slightest evidence of a soul. But, as the case of Mr. Smith shows, even the most time-tested system for detecting shreds of humanity can blow a gasket now and then. For that, we can only offer you our deepest apology and the reassurance that one good apple won’t spoil the whole bunch.

As to those of you who were serviced by Mr. Smith, it’s understandable that you would be concerned about who will be taking his place going forward. On that front, I have some exciting news: today, Goldman is pleased to announce that our new executive director and head of the United States equity derivatives business in Europe, the Middle East and Africa will be Mr. Joseph Kony. For those unfamiliar with Mr. Kony’s resume, let me assure you that he has the character and moral standards you have come to expect from Goldman, and like the rest of us here at the bank, he has dedicated his life to doing the Lord’s work.

Sincerely,

Lloyd Blankfein

CEO, Goldman Sachs"

http://www.borowitzreport.com/2012/03/14/a-response-from-goldman-sachs/

[-] 1 points by TheirLyingPropaganda (54) 7 years ago

I read the same thing. The author and OWS are spot on IMHO.