Why I Am Leaving Goldman Sachs (Greg Smith)

[swag]

http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1&pagewanted=1&ref=opinion

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the 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. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.

But this was not always the case. For more than a decade I recruited and mentored candidates through our grueling interview process. I was selected as one of 10 people (out of a firm of more than 30,000) to appear on our recruiting video, which is played on every college campus we visit around the world. In 2006 I managed the summer intern program in sales and trading in New York for the 80 college students who made the cut, out of the thousands who applied.

. . . more

[xchrom]

1. I guess I'm glad he's out - but I think

GS has been a vampire squid for longer than he realizes.

[Stuart G]

2. Coming from an insider, this is very good. especially

this:

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. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

[Lifelong Protester]

3. K & R

and will read full text later

[think]

4. Thank you Greg Smith for writing this Op-Ed letter for the NYT

Way to say "Fuck You" to Goldman Sachs and their sycophantic ways.

[JustAnotherGen]

5. Sitting at my desk reading this

And I thought my statements against Global Crossing were bad in 2002! Good for Greg Smith! He told solid truths about what happens when Greed, and ONLY Greed is good - regardless of one's industry!

[Arugula Latte]

6. Stay out of small planes, Greg.

[Hotler]

7. But, but, but Lloyd Blankfein is doing god's work!

[yurbud]

8. everyone on DU should read this.