Goldman Sachs Called Clients "Muppets"

After 12 years working at Goldman Sachs, exec Greg Smith decided to quit.

But first, he penned this scathing op-ed in The New York Times, accusing the 143-year-old investment bank of losing its moral fiber and calling its clients "muppets."

Greg wrote:

I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail.

Goldman Sachs, unsurprisingly, disagreed:

A Goldman Sachs spokesman responded to the piece early Wednesday: “We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.”

Link | Greg's Op-Ed in The NY Times


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What a load of crap. And where is Mr. Integrity heading? To start his own firm, perhaps? Or simply retire on what the firm paid him over these few short years? You can't tell me the firm changed that much in just the past couple of years...it is too old, and too big, to dance like that.
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They don't need to have changed. Chances are they've always been that way, and he got to see more and more of it as he moved up the ranks.
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it's possible Alex.. and theoretically it's possible that you can fly by hitting a rogue gravity quirk after jumping off a building. But I'm not going to go jumping off any buildings any time son to test it out.

Probability is different than possibility
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