Goldman Sachs director in London quits
A manager at US banking giant Goldman Sachs in London has quit, saying he could no longer work there “in good conscience”.
Greg Smith, who headed Goldman’s equity derivatives business in Europe, said it was common to hear talk of ripping off their “muppet” clients.
“The environment now is as toxic and destructive as I have ever seen it,” he wrote in the New York Times.
Goldman said it disagreed with what Mr Smith wrote.
“We disagree with the views expressed, which we don’t think reflect the way we run our business,” a Goldman spokeswoman said.
“In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.”
Mr Smith said in his editorial that he appeared in Goldman’s recruitment video, shown at universities around the world.
“I knew it was time to leave when I realised I could no longer look students in the eye and tell them what a great place this was to work,” he wrote.
“It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets’, sometimes over internal email.”
…”He’s not on the management committee or even a partner of the firm,” Mr Cohan told Bloomberg TV.
“He’s toast. He is completely toast in terms of Wall Street, no question about that,” he added.
Source: BBC News Read more
Of course ‘he’s toast;’ he told the truth.
Can’t have that, can we?
It would destroy all our little thieving money grabbing schemes.