'Courageous stuff... he's a legend': Goldman Sachs executive who quit over firm's 'toxic' culture hailed a hero by friends (but bosses hit back at flamboyant public resignation)
Executive director Greg Smith quits in open letter in the New York Times
Firm 'more interested in making money than the clients' interests'
Claims colleagues called clients 'muppets' and talked of 'ripping eyeballs out'
CEO and president say they were 'disappointed' to read the claims
Commentators suggest the conditions are commonplace on Wall Street
Friends describe South African-born Smith as 'an excepional person
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.'
Terminated CBO Whistleblower Shares Her Full Story With Zero Hedge, Exposes Deep Conflicts At "Impartial" Budget Office
Earlier today, we suggested that in the aftermath of the Greg "Muppets" Smith NYT OpEd, contrary to assumptions by Jim Cramer, a bevy of potential whistleblowers would step up to tell their tale of fraud and corruption across all walks of life - from Wall Street to, far more importantly, Washington, consequences be damned. This was paralleled by an alleged JPM whisteblower describing to the CFTC the firm's supposedly illegal activities in the precious metals space, which while we initially dismissed, we now admit there may be more to the story (stay tuned), even though we still have our doubts. What we are 100% certain of, however, is that yet another whistleblower has stepped up, this time one already known to the general public, and one that Zero Hedge covered just over a month ago: we refer to the case of former CBO worker, Lan T. Pham, who, as the WSJ described in early February, "alleges she was terminated [by the CBO] after 2½ months for sharing pessimistic outlooks for the banking and housing sectors in 2010" and who "alleges supervisors stifled opinions that contradicted economic fixes endorsed by some on Wall Street, including research from a Morgan Stanley economist who served as a CBO adviser." As we observed in February, "what is most troubling is if indeed the CBO is nothing but merely another front for Wall Street to work its propaganda magic on the administration. Because at the core of every policy are numbers, usually with dollar signs in front of them, numbers which have to make sense and have to be projected into the future, no matter how grossly laughable the resultant hockeystick." As it turns out, somewhat expectedly, the WSJ version of events was incomplete. There is much more to this very important story, one which has major implications over "impartial" policy decisionmaking, and as a result, Ms. Pham has approached Zero Hedge to share her full story with the public.
ik zou niet te hard juichen om al deze banksters die het zinkende schip verlaten...
in een interview met 1 van de camelot gasten werd hier ook over gesproken...
de NWO is bezig de lagere echelons van hun pyramidestructuur op te schonen...
soort van false retreat...zodat de mensen denken dat ze ook maar enige invloed hebben op het hele gebeuren...
the banksters will be back...with a vengeance...
pecies er vreten zoveel mensen mee van de ruif dat het op begint te vallen (Qudt internet ook, enz) en dus moet het weer wat kleiner gemaakt worden. Het scheelt dat dat volk wat er uit gewerkt word niet verder na kan denken "oowww nu kan ik de nieuwste i-pod niet gelijk kopen help!!!!!!!!!!!!!! Die paar die nog enige hersencellen over hebben die werken, krijgen ze wel klein of werken ze wel weg.
Laast bewerkt: 1 jaar, 2 maanden geleden Door combi.