Greg Smith resigned as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
“Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them
Greg Smith: “Why I’m Leaving Goldman Sachs”
BRIC Decade Ends With Record Stock Outflows as Goldman Says Growth Peaked
Goldman and the jailed programmer
Banking, and finance, is a business that has to be first and foremost about trust. The reason you’re paying your broker/money manager such exorbitant sums is because that’s the value of integrity and honesty: You’re paying for the comfort of knowing he has your best interests at heart. But what we’ve found out in the last years is that these Too-Big-To-Fail megabanks like Goldman no longer see the margin in being truly trustworthy. The game now is about getting paid as much as possible and as quickly as possible, and if your client doesn’t like the way you managed his money, well, fuck him – let him try to find someone else on the market to deal him straight. These guys have lost the fear of going out of business, because they can’t go out of business. After all, our government won’t let them.
Matt Taibbi: On Greg Smith’s resignation
Maybe it is time for media “critics” to apologize to Matt Taibbi?
Matt Taibbi: Goldman Sachs, Vampire Squid
it is a peculiar and yet telling fact of history that during the Crash of 1929, not a single major Wall Street brokerage firm went under. Wanna know why? Because when the sell-off began, they dumped all their holdings prior to wiring the news out to the rest of the investing public and their clientele across the country.
Joshua Green: How to Quit a Job Without Publishing an Op-Ed
Darth Vader: Why I’m leaving the Empire
NYT: Public resignation sparks debate
Azam Ahmed: Welcome to the Goldman Firestorm
If you want to dedicate your life to serving humanity, do not go to work for Goldman Sachs. That’s not its function, and it never will be. Go to work for Goldman Sachs if you wish to work hard and get paid more than you deserve even so. Goldman and other investment banks do perform an important role in our economy, and Goldman bankers — most of them, at least — can hold their heads up high. But it is not charity work. Goldman’s clients are mostly very well-off. Smith’s lament that the bank no longer serves their needs above and beyond its own does not tug at our heartstrings.
Bloomberg: Yes, Mr. Smith, Goldman Sachs Is All About Making Money
JP Morgan’s Dimon responds to Goldman memo
Zachary Karabell: Why was Greg Smith Shocked?
Robert Scheer: At last some decency on Wall Street
Goldman Stunned by Op-Ed Loses $2.2 Billion for Shareholders
Forbes: To Save Goldman Sachs, Lloyd Blankfein Must Go
if the problem is culture, are incentives the solution?
Bloomberg says cheer up