Reply to: Top Goldman executive quits over culture of 'toxic' greed

[hyperD]

The heart warming part of the story is that he donated his last six years' bonus to Christian Aid.

I think we all donated to that fake charity inadvertently via our taxes.

[AtW]

Umm.. but the Met Police spent £1,000,000 on indoor plants last year but cut back on police on the beat as they did not have enough money. So stuff that one up your rj45

If that's the worst you can say about UK police then they are doing pretty well.

[Old Greg]

The heart warming part of the story is that he donated his last six years' bonus to Christian Aid.

[Paddy]

At least the police isn't in it.

Umm.. but the Met Police spent £1,000,000 on indoor plants last year but cut back on police on the beat as they did not have enough money. So stuff that one up your rj45

[DodgyAgent]

Hmm, I think Dodgy probably tried. He just doesn't have that kind of power

I did my best but unfortunately I had to give 20% of everything I made to contractors

[Bunk]

Neither of whom have brought the financial system to the brink of collapse twice in 80 years.

Unlike the aforementioned.

Hmm, I think Dodgy probably tried. He just doesn't have that kind of power

[AtW]

Sadly not just limited to Goldman Sachs and banking but it includes solicitors, Barristers, RICS and Town Councils. A retired solicitor friend told me that he was glad to get of it because it was no longer a profession and all about money

At least the police isn't in it.

[Paddy]

'How much money did we make off the client?'

Sadly not just limited to Goldman Sachs and banking but it includes solicitors, Barristers, RICS and Town Councils. A retired solicitor friend told me that he was glad to get of it because it was no longer a profession and all about money

[darrenb]

12 years? only 12 years? I wish I had a time machine and could go back to the Age of Innocence.

Anyway I see there was another high-profile resignation today.

[DodgyAgent]

FTFY

I wanted to get my retaliation in first

[Bunk]

Substitute the words "Goldman Sachs" with "your average agent"

FTFY

[DodgyAgent]

Greg Smith, who is resigning today as a Goldman Sachs executive director and head of its US equity derivatives business in Europe, the Middle East and Africa after 12 years, wrote:

"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."

In his article titled Why I Am Leaving Goldman Sachs he writes that over the past twelve months he had seen five different managing directors refer to their own clients as “muppets”, sometimes over internal e-mail.

"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. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all."

Mr Smith said that the bank was "too integral to global finance to continue to act this way". Is the 'Why I'm leaving' letter a PR disaster for Goldman Sachs?

When he joined the culture revolved around "teamwork, integrity, a spirit of humility, and doing right by our clients", he writes.

"The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years ... 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.

"... These days, the most common question I get from junior analysts about derivatives is, 'How much money did we make off the client?' It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave.

"Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about 'muppets', 'ripping eyeballs out' and 'getting paid' doesn’t exactly turn into a model citizen."

Mr Smith believes the decline in the firm’s moral fibre represents the single most serious threat to its long-run survival and see his article as a wake-up call to the board of directors.

Responding to the article, Goldman Sachs said:

"We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves."

Source: Top Goldman executive quits over culture of 'toxic' greed - Telegraph

Substitute the words "Goldman Sachs" with "your average contractor"

[AtW]

Its very odd someone should speak the truth about the city - has he had a trauma in his personal life or something?

Perhaps he has got conscience?

[BrilloPad]

I wonder how much money he stashed away before writing that?

Its very odd someone should speak the truth about the city - has he had a trauma in his personal life or something?

[DimPrawn]

Disgusting greedy fookers.


Should I buy or short their stock?