Goldman Sachs Loses $2.15 Billion
March 28, 2012 by staff
Goldman Sachs Loses $2.15 Billion, A day after a former executive at Goldman Sachs published his resignation letter in the op-ed section of the New York Times, Goldman Sachs lost $2.15 billion of its market value.
The shares of the investment bank sank 3.4 percent on Wednesday after London-based executive Greg Smith’s scathing letter appeared in the New York Times.
Smith, who left his position after being with the company for 12 years, explained that is was Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn’s fault for a “decline in the firm’s moral fiber.”
“Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets,’ sometimes over internal e-mail,” the letter read.
“It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you,” Smith wrote.
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