An executive at Goldman Sachs for 12 years announced his resignation today in a New York Times’ Op Ed, saying it was due to a “toxic and destructive” culture that is built around greed and ripping clients off for as much money as Goldman can make. That is the guiding principle of Goldman now, as he lays out in all its ugly details.
The real question is why, after everything that has come out after the financial crisis, anyone is surprised by this? Yes, it’s from a Goldman insider and that’s news, but a culture of greed that seeks nothing but profiting from clients no matter what: that’s been obvious to anyone who has open eyes for a long time now. And, Goldman is not unique. This is what Wall Street has become: the kill, the big score, stuffing their pockets with as much cash as fast as possible and getting out, utterly indifferent to the wreckage they leave in their wake.
No surprise, also, is the ferocious attacks on this executive. They will continue and increase.
No one should let these attacks detract from the truth of this Op Ed.
It’s a must read.