14 March 2012

USA / WALL STREET : 16 March UPDATE: Goldman Sachs Exec Quits, Blasts Firm; Trading Mentality Is Goldman's Problem.


     London-based Goldman Sachs VP Greg Smith (foto), 33...published a 1,300 word denunciation in the NYTimes blasting the rapacious culture of his infamous investment banking firm... calling it 'toxic and destructive'...with employees boasting of ripping-off clients that they even labelled 'muppets'/idiots.
    The OpEd is still shaking-up Wall Street.
    Goldman stock lost 3.4%...$4.17 per share...about $2.15 billion...following its release...and the clucking continues.
    Smith's blistering resignation...after 12 years...adds fuel to continuing criticism of former gold trader and now CEO Lloyd Blankfein (foto)...who famously said that Goldman was doing 'God's work'.
    Goldman was revealed to have made huge profitable bets against its own clients...during the recent economic meltdown.
    Twitter exploded with comments...and parodies appeared...including one with arch Star Wars villain Darth Vader (above) lamenting The Empire.
    Many commentators are blabbing about how Smith had demolished his future on Wall Street.
    You think?

    NEW!! The problem with Goldman: its 'non productive' trading mentality.