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"Why I Am Leaving Goldman Sachs" by Greg Smith


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 Post subject: "Why I Am Leaving Goldman Sachs" by Greg Smith
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I guessed when Katrina VandenHoeval(sp?) and webcomic artist David Willis retweeted this within minutes of each other that this would be an article worthy of wide-spread attention. Then I opened it and realized that that may be an understatement:

Why I Am Leaving Goldman Sachs
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.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs's success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients' trust for 143 years. It wasn't just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture
that made me love working for this firm for many years. I no longer have the pride, or the belief.(More at link)
http://mobile.nytimes.com/2012/03/14/op ... -sachs.xml

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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Related story:

Citigroup and 3 other banks fail Fed stress test
http://www.latimes.com/business/la-fi-b ... 9945.story

[snip]

Four banking firms, including giant Citigroup Inc., failed one or more tests on whether they would survive a worst-case scenario. The Fed's stress test gave passing grades to 15 of the nation's top banks that have improved their finances.

Citigroup, however, didn't fail by much; it said it would revise its capital plan to meet the requirements.

Other banks that did not pass the central bank's examination were Ally Financial Inc. and SunTrust Banks Inc.; MetLife Inc., which didn't take any bailout money, also failed.

[snip][end]

The "stress test" was to see if they could withstand another major financial sector collapse, or go under like Lehman Brothers.

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Last edited by Seeker1 on Wed Mar 14, 2012 12:23 pm, edited 1 time in total.


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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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Bankers are complete psychopaths-- all in need of significant psychiatric therapy. This demonstrates that there is ONE banker who is not a complete sociopath.

International reaction:

http://www.guardian.co.uk/business/2012/mar/14/goldman-sachs-director-quits-morally-bankrupt

A fundamental truth:

Quote:
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence."

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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I tell you this is one brave S.O.B.

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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I tell you this is one brave S.O.B.



Not really; just the one in the entire financial "industry" who is not a psychopathic axe murderer. Otherwise every one of these psychopaths is intent on causing as much destruction as possible. Bankers really need immediate institutionalization and extreme psychiatric treatment before they can be released back into the normal population.

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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I tell you this is one brave S.O.B.

Not really. He still has his estate with the mansion and the Jacuzzi and the yacht. His co-workers won't talk to him ever again, but I won't be shedding any tears for this privileged pampered soul.

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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I tell you this is one brave S.O.B.

Not really. He still has his estate with the mansion and the Jacuzzi and the yacht. His co-workers won't talk to him ever again, but I won't be shedding any tears for this privileged pampered soul.

Nor will I but it is valuable that he is doing this...

Banksters really are the new pirates, but instead of stealing one persons valuables, they steal everybody's

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 Post subject: Re: "Why I Am Leaving Goldman Sachs" by Greg Smith
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Bankers are complete psychopaths-- all in need of significant psychiatric therapy. This demonstrates that there is ONE banker who is not a complete sociopath.

International reaction:

http://www.guardian.co.uk/business/2012/mar/14/goldman-sachs-director-quits-morally-bankrupt

A fundamental truth:

Quote:
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence."


Psychopaths really don't respond to therapy of any kind. What they have is a personality disorder that rarely, if ever, responds to any type of therapy, psychiatric or medicinal. Basically if they get caught breaking the law they get segregated from the public for the public's own good, but for now we know of no intervention that would help their illness. Same for sociopaths and all other personality disorders.

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