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.
Goldman Sachs executive Greg Smith, whose former job description is listed as “executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa,” in a scathing resignation letter published in the New York Times.
Read more at The Atlantic Wire
(via theatlantic)