Wednesday, 14 March 2012
'It Doesn't Matter How Smart You Are'
Goldman Sachs is one of these global banks which is associated with 'big' money. Its clients are the rich and powerful.
Such banks make their billions by investing their rich clients' money wisely and claiming commission.
I should have said 'made' rather than 'make' if this damning article by Greg Smith is to be believed. Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm's United States equity derivatives business in Europe, the Middle East and Africa. He reveals the present culture within his workplace and I shouldn't think its confined only to Goldman Sachs.
It's not hard to find examples to fit his description of the company's present attitude. There are pages of similar cases on Google.
I've no idea if Mr Smith is leaving of his own accord or has been given a firm push out the door, but he's decided not to go quietly and for that many investors should be grateful. It's a shame more ex-bankers aren't prepared to tell it as it is. If there were then their may be changes in the banking sector which would benefit all of us and not just fill the pockets of bankers.