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From One Of Its Own: Goldman Sachs Toxic and Morally Bankrupt
In what one observer calls a corporate "knee in the nuts," a top executive at Goldman Sachs wrote an open letter in the New York Times saying he was quitting the company due to its increasingly "toxic and destructive" culture. Bravely going forth where no insiders have gone before - ie: acknowledging what everyone except the people who work on Wall Street acknowledge - Greg Smith, former executive director of equity derivatives in Europe, said he used to mentor new recruits but can no longer look them in the eye.
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence."
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11 Comments so far
Show AllWe are all in control of our own morality and ethics -- Greg Smith stands up for his -- congratulations and good luck!
The government of the United States is run by and for Goldman Sachs and the wall street banksters and the underlying philosophy of this corrupt organization is the same as that which animates the corrupt congress.
Couldn't happen to a nicer vampire squid.
This is clearly incendiary libel from a disgruntled employee. I've seen no evidence that GS would discriminate against axe murderers.
LOL!
One disagreement - much "leadership" has never been about ideas, but about power, about whatever it takes to achieve "success" for the individuals involved. But thank you for seeing what is going on at Goldman Sachs and reporting it from an insider's viewpoint.
Goldman-Sacks world economy!
Go to: http://www.dailyjobcuts.com/ and you can find the article. Smith said a lot more scathing things about GS that are missing here.
Or, here at CD, goto :
"Why I Am Leaving Goldman Sachs," by Greg Smith
http://www.commondreams.org/view/2012/03/14-5
Sure glad they got a taxpayer bailout.
I get the feeling this is the norm for banks too big to fail.
Telling the truth on Wall Street! "What next!"