Following up on Nemo's post.
Why Greg Smith left Goldman Sachs
October 22, 2012
By CHRISTINA REXRODE
AP Business Writer
Greg Smith wrote the essay that echoed across Wall Street like a thunderclap.
Smith was a vice president at Goldman Sachs until March. He announced his departure from the investment bank with a blistering Op-Ed in The New York Times, accusing Goldman of routinely deceiving clients and relentlessly pursuing profit at the expense of morality.
And he struck a nerve. The essay went viral in the financial world and beyond. Smith was praised for uncloaking corruption that was crying out to be addressed, and also derided as a disgruntled employee.
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Smith's book, "Why I Left Goldman Sachs," is being released Monday. It's a window into a company that is notoriously tight-lipped, with stories about a swaggering place where interns arise for 5 a.m. meetings and business trips mean slapping down $150 for one person's dinner.
What Smith hopes to do, he says, is educate people about how Wall Street works, and fuel a public conversation about what went wrong ethically, and how to fix it. The practices that caused the financial crisis, he says, were never really resolved; they're just lying dormant.
Smith, 33, gave his first text interview to The Associated Press. Excerpts have been edited for clarity and length.
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Q: The bank denies everything you've charged about their ripping off clients.
A: The thing that disappoints me most is that management is denying there's a problem. Why not try to repair the trust instead? Clients are telling you they don't trust you. There's been an SEC fraud suit that was settled for half a billion dollars.
Much more here: http://news.ino.com/headlines/?newsid=68652276667800
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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