NYT: Why I Am Leaving Goldman Sachs

[YosemiteSam]

All I can say is WOW. It's not like I didn't know this was happening. You could clearly see it was happening with the way the economy was crashing. It's these banks that caused it all to happen, but for an insider to come out with an scathing article like this about Goldman Sachs. Just WOW.

Obviously Goldman is going to try to say he is lying, but I don't think there is any way they can do any real damage control for this. Especially since they've already been caught doing this exact thing recently.

Anyhow. It is an awesome read.

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TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And 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. 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.

Complete Story

 

[Meat-O-Rama]

Grotesque.

 

[burmafrd]

is anyone really surprised?

 

[Joe Realist]

I commend him on his decision to share his thoughts with the public.

 

[Hoofbite]

Only took him 1/3rd of his working career to figure it out. Impressive.

 

[ScipioCowboy]

"Capitalism without bankruptcy is like Christianity without hell."

Goldman Sachs is a prime example of a moral hazard. Suffice to say, if failure is no longer possible, there's no incentive to change.

 

[YosemiteSam]

Ha! A great pun of the article above by Lord Vader himself.

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Why I am leaving the Empire, by Darth Vader

TODAY is my last day at the Empire.

'I no longer have the pride, or the belief'

After almost 12 years, first as a summer intern, then in the Death Star and now in London, I believe I have worked here long enough to understand the trajectory of its culture, its people and its massive, genocidal space machines. And 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, throttling people with your mind continues to be sidelined in the way the firm operates and thinks about making people dead.

The Empire is one of the galaxy's largest and most important oppressive regimes and it is too integral to galactic murder to continue to act this way. The firm has veered so far from the place I joined right out of Yoda College that I can no longer in good conscience point menacingly and say that I identify with what it stands for.

For more than a decade I recruited and mentored candidates, some of whom were my secret children, through our gruelling interview process. In 2006 I managed the summer intern program in detecting strange disturbances in the Force for the 80 younglings who made the cut.

I knew it was time to leave when I realised I could no longer speak to these students inside their heads and tell them what a great place this was to work.

Lord Vader's Full Resignation / Confession

 

[Meat-O-Rama]

Only took him 1/3rd of his working career to figure it out. Impressive.

My understanding from reading the article is that it wasn't always like this and that when he first started there it was a company he felt he could be proud to work for. So there's that...

 

[Reality]

Goldman Sachs, roiled by 'Muppetgate,' loses $2 billion
http://bottomline.msnbc.msn.com/_ne...an-sachs-roiled-by-muppetgate-loses-2-billion

Question: What’s the cost to a company of one disgruntled former employee?

Answer: About $2 billion if it’s Goldman Sachs.

That’s how much of the bank’s market value was wiped out after one of its directors, Greg Smith, resigned from the company and penned an op-ed piece in The New York Times attacking the firm’s culture and treatment of clients.

#reality

 

[Duane]

Goldman Sachs, roiled by 'Muppetgate,' loses $2 billion
http://bottomline.msnbc.msn.com/_ne...an-sachs-roiled-by-muppetgate-loses-2-billion



#reality

Wow, that's got to sting a little bit.