Mod note: Best of Eddie, this was originally posted on 3/14/12.
Wow. Goldman Sachs executive director Greg Smith, who is the head of US equity derivatives in Europe, the Middle East, and Africa resigned today with a huge "f**k you" to Goldman in the New York Times:
Citing the toxic culture fostered by Lloyd Blankfein and Gary Cohn, Smith finally got fed up and quit.
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. Even after the S.E.C., Fabulous Fab, Abacus, God's work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don't know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client's goals? Absolutely. Every day, in fact.
You young guys who get moist at the mere thought of working for Goldman Sachs would do well to take this article to heart.