Goldman Sachs We Were Disappointed To Read The Assertions Made By This Individual
March 28, 2012 by staff
Goldman Sachs We Were Disappointed To Read The Assertions Made By This Individual, Greg Smith, Goldman Sachs’ head of equity derivatives business in Europe, the Middle East and Africa wrote a scathing op-ed in the New York Times on Wednesday as part of his resignation, saying the firm has lost its way and is ripping off its clients.
Smith, who worked at the investment bank for nearly 12 years, detailed why he was resigning, calling the company’s environment “as toxic and destructive as I have ever seen it,” and over the last 12 months, he has seen five different managing directors “refer to their own clients as ‘Muppets,’ sometimes over internal e-mail.”
The op-ed echoed previous accusations in 2010 that Goldman Sachs traded against clients by profiting off securitized subprime home mortgages while betting against the housing market. Last month, the Securities and Exchange Commission said it was investigating a 2006 subprime mortgage bond deal.
In response, Goldman Sachs’ CEO Lloyd Blankfein and chief operating officer Gary Cohn sent an internal memo to employees, saying “we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.”
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