From One Of Its Own: Goldman Sachs Toxic and Morally Bankrupt

Abby Zimet

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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