Goldman Sachs exec Greg Smith quits, repents
NYT via ZeroHedge:
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.Any whistleblowers that help bring down the squid are a step in the right direction, but this guy's claims that everything was fine before Lloyd Blankfein are absurd. So when Hank Paulson looted Greece there was nothing wrong with that? When Robert Rubin hijacked the federal government, there was nothing wrong with that?
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.