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.
if people check their own sources, there's a global tidal wave of resignations from the financial world, something is afoot
ReplyDeleteThey've all made a pile and they don't want to work for what they consider peanuts,and with the regulators breathing down their necks.
ReplyDeleteA sad situation and damaging attitude, but one that I strongly suspect now exists in many branches of all major supply and service industries, especially utilities, not just banking.
ReplyDeleteSome could well be afoot dognamedblue. Sinking ships?
ReplyDeleteGood points Apogee.
ReplyDeleteIt does show just how easy it is for these people to feather their nests though Woodsy, or was perhaps I should say.
ReplyDeleteA society immersed by greed makes greed a necessity.
ReplyDeleteThatcher introduced the greed society Crinkly. That's how I remember it.
ReplyDeleteHi SR,The greed society has always been there, look at our history,why we are trying to get our independence back, Thatcher didn't start it,look at the rogues in our history,they have always been there, Labour just embellished recent history a bit, so they could duck some of the blame.
ReplyDeleteI don't remember such a greedy society until Thatcher Apogee. She may well have just continued the culture but it was only then I was so aware of us becoming a highly materialistic society.
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