Wednesday, March 14, 2012

Even Someone on Wall Street Hates Wall Street

Greg Smith, a London-based executive director for Goldman Sachs overseeing U.S. equity derivatives business in Europe, the Middle East, and Africa, has quit his job and has done so rather publicly.  His Op-Ed Contributor column appears today in the New York Times.

This is an incredibly biting commentary on that state of Goldman Sachs.

Here are some highlights:
"[T]he environment now is as toxic and destructive as I have ever seen it."
"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."
"I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival."
"I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them."

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