Goldman Sachs banker quits "toxic" firm

And another one bites the dust. Quite a scathing attack at the banking firm.

Lots of this going on lately. CEOs, Directors and other heads dropping off like flies. Why? Seems like a shakeup and sweeping change in leadership across banks, finance companies and some major companies.

CNN

Greg Smith, executive director at Goldman Sachs, has written an open letter to The New York Times saying he will resign Wednesday and that the investment bank has become "toxic."

Goldman Sachs said it disagreed with the views expressed, "which we don't think reflect the way we run our business."

Smith calls bank’s environment "as toxic and destructive as I have ever seen it" and takes aim at its leadership.

The New York Times describes Smith as head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. It says he is resigning Wednesday.

Smith's letter says he has been with the firm almost 12 years, long enough to understand the "trajectory of its culture."

He says the firm has changed the way it has thought about leadership and is now focused on money rather than helping the client. "When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch," the letter says.

Smith also says: "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 e-mail."

For example, this from Australia...

CEOs, beware the Ides of March

Modern day Caesars, sometimes known as chief executives, should beware the Ides of March.

In the past week at least half a dozen senior public company executives have either voluntarily decided to hand in the keys to the executive washroom, or been nudged out of the building by their boards.

In most cases the departures have followed close on the heels of the companies reporting poor December half year results.

reply to post by surrealist

"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 e-mail."

Muppets? lol that's a good one. If we are the sheep muppets, then this is what they are:

Let's remember nothing is done without purpose.
I wonder what this is all leading towards.

Greg Smith is correct, all the major banks have been toxic for quite some time now, they literally have hundreds of trillions in toxic holdings. question is, what are they up to......

reply to post by surrealist


As the truth comes out. As the names are being listed. The question is? Is there anyone left to do something about it? All the governments and their officials are corrupt and in bed with this. All of the military industrial complex is in bed with this. All of the judges are in bed with this. Where do you think your stolen money and hi-jacked pension plans went. To buy every person of power and influence. The entire planet is looking for a savior from what is happening. God, Jesus, aliens, objects from outer space? Maybe the end of 2012? Maybe Mighty Mouse will come to save the day. Don't think so. The reality of this is the only people who actually are ready and willing to even try. Is being belittled and laughed at. While the general population is believing and waiting for what I just mentioned. Get out of denial people. The decision or lack thereof are life and earth changing and you won't get a second chance to make it right.

I'm leaning towards 2 possible scenarios here...

1. The economy is going to take a SERIOUS plummet in the new fiscal year (1st April) and all the big wigs are getting out now

or

2. The big wigs know what is about to happen (destruction of some kind) and are relocating themselves to where ever is safe.

Like a poster mentions above, there is a purpose to everything and don't be fooled thinking these guys are quitting for the fun of it...they are quitting because the know something MAJOR is round the corner, be it physical or financial.

Either way, people should actually be concerned about this.

I agree that it seems like something is up with so many jumping ship.

I have to say though, that this guy putting his harsh opinion of Goldmann Sachs in the media is a nice change!

www.nytimes.com...

He is careful to say that he did not see any illegal activity, covering his ass, but he all but said the firm was a giant poni scheme.

Mr Smith gets a big thumbs up from me.

On a side note, anyone else notice that the gold market tanked the second it opened today...its already down 50.... and DJI just keeps going up...something smells afoul...

not 5 mins after i said this, fox business brought out his resignation and downplayed it to liek a 20 second piece...as if its not a HUGE deal..

I must ask why? I mean, obviously the mistreatment of the clients have been going on for years. Why now? Come on, this man has played a big role in the mistreatment of their clients for years and has probably made millions from doing so. What he states does not add up, not at this juncture in time. Did he wake up and realize his misdeeds and is trying to correct them, I do not buy it.

Being an exec, he was bound to know the ins and outs of the scam they and every other bank has been pulling. I want to know what went wrong internally amongst themselves that got this man so upset that he quit, or whatever the case may be. He comes off as if he has been against it the whole time as if he never padded his wallet at the expense of their clients. Something is fishy and I do not buy his story. The only thing that I believe is true, is that he left Goldman Sachs, no doubt about that. But I do not buy the toxic claim, this man is bound to be just as toxic as the employer is. It is a team sport, he is part of the team and he has to pick the ball up and carry it just like everyone else on the team. He is still guilty. I think he quit because they got in an argument about which method to use to screw the clients even more.

yes, the investment giant controlling most of the US retirement accounts from government to private in their inner circles the Richistanis of America see the rest of the population that they get to milk like cows as nothing but Muppets.

Are they just been cute of just revealing the actual feelings that brew withing the corporate elite in power, Muppets littler characters that are manipulated by hand.

We in this nation are nothing but that and more to those that hold the power.

Now Goldman Sachs has released a response...

By now, many of you have read the submission in today's New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

...

Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You've not only told us, you have told external surveys.

Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.

We are far from perfect, but where the firm has seen a problem, we've responded to it seriously and substantively. And we have demonstrated that fact.

It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.

Yes, yes...we are great. Our employees and clients love us. Praise us. Ignore the insider who has had enough. /arrogance

The reply does site some surveys that the company held...I think this comment sums it up:



Source

reply to post by freakjive


Just as I suspected.
Another disgruntled worker.

reply to post by freakjive


This is no the first time that such comments has been leaked for the ears of the commoners, the corrupted entity that is Goldman Sach have enough power and money (thanks to those that trust them) to cause the so call discredited employee to commit suicide with a convinient note of his evil ways if he doesn't stop telling the truth, (I mean been a liar.

Originally posted by koder
On a side note, anyone else notice that the gold market tanked the second it opened today...its already down 50.... and DJI just keeps going up...something smells afoul...

not 5 mins after i said this, fox business brought out his resignation and downplayed it to liek a 20 second piece...as if its not a HUGE deal..

edit on 14-3-2012 by koder because: (no reason given)

edit on 14-3-2012 by koder because: (no reason given)

Im hearing chatter that gold and silver are down because of large margin calls in the EU right now. investers must sell there assets to cover there margins.

Its all transitory.

I wonder if Mr. Smith was disgruntled enough to return the bonus's that he received during his employment.

That, is incredible and so close to home.

"Why Am I Leaving The Empire", by Darth Vader.

reply to post by FraternitasSaturni


bwhaha. why i am leaving the empire. thats awesome, i'm going to use it if you dont mind.

Originally posted by w3thepatient
reply to post by FraternitasSaturni

 

bwhaha. why i am leaving the empire. thats awesome, i'm going to use it if you dont mind.

hehe... but isnt it really? lol