"Why I Am Leaving Goldman Sachs"

**pillaroflight** · 16th March 2012, 01:05

By GREG SMITH
Published: March 14, 2012

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.

read more: http://www.nytimes.com/2012/03/14/op...nted=1&_r=3&hp

Personally, I don't feel too sorry for the guy--surely he knew what was up for a long time. Just another rat jumping ship.....

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**sjkted** · 17th March 2012, 15:10

Goldman is likely not much different than it was when he started. I think this is a last ditch attempt for him to save face. After all, when you have as much money as he probably does from all the years of looting, it's important to try to convince people you are a good guy. I think the difference there is that when he started, they knew there were certain parameters to burning off a client -- in other words, you screw people over enough and they will find another firm to invest with. Now, they know the whole system is going down so they don't care if they burn off relationships. The other big investment firms are probably just as bad.

--sjkted