Wednesday, March 14, 2012

Goldman Sachs exec exposes bank's 'toxic' greed in scathing public resignation letter

A Goldman Sachs exec has dealt a deeply embarrassing blow to the firm by quitting in an open letter in which he lambasts the working environment as 'toxic and destructive'.

Greg Smith, an executive director who has worked at the New York-based investment bank for 12 years, claimed it is more interested in making money for itself than its clients.

In a scathing resignation letter published in the New York Times on Wednesday, he reveals staff have so little respect for clients, they call them 'muppets' and talk of 'ripping eyeballs out'.

'I can honestly say that the environment now is as toxic and destructive as I have ever seen it,' writes Smith, who headed the firm's U.S. equity derivatives business in Europe, the Middle East and Africa.

'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.' Read More