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Greg Smith: Goldman Sachs Financial World’s Little (Big) Piggies
Nearly two years ago we told you how the once venerated Goldman Sachs Group, a full-service global investment banking and securities firm, is comprised of a bunch of piggies…greedy, smack-talking piggies. We even told you how their behavior reminds us of the Beatles’ tune, penned by the late George Harrison, about greedy little piggies.
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Earlier this month, Greg Smith, in his role as New York Times Op-Ed contributor, very publicly announced to the world, and his employer, Goldman Sachs, he is leaving and his reasons why. We took to the article, authored by a financial insider, as confirmation of what we knew to be true and published in 2010.
In his op-ed piece he described Goldman as “an environment as toxic and destructive as I have ever seen it. ” Smith gave credence to what we said in April 2010, that the chief executives “... make a decision based on what is best for the corporation, rather than what is best for the client, their errors bring down national economies; and the Goldman Sachs executives rake in the cash.” In his very public resignation Smith confirmed what we knew to be true all along.
“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. ” ~ Greg Smith, former Goldman Sachs employee.
With the breaking news of Greg Smith transitioning from investment banker to op-ed writer to full time writer we say, “Mazal tov !”
We wish Smith success as he seeks a publisher for what we’re hearing is a story about a young idealist who came into the business with good intentions, integrity, and sky-high ideals, only to ultimately have them dashed by Goldman Sachs’ persistent focused ideas on making money. As Lloyd Blankfein. chief of Goldman Sach’s so infamously stated he’s just a banker “doing God’s work.”
Fortunately, despite his expressed disillusionment, Smith has left with his principles in tact.
We commend Greg Smith for his courage in speaking truth to power. We look forward to the book.
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