Until early Wednesday morning, Greg Smith was a largely anonymous 33-year-old midlevel executive at Goldman Sachs in London.
Now everyone at the firm — and on Wall Street — knows his name.
Mr. Smith resigned in an e-mail message to his bosses at 6:40 a.m. London time, laying out concerns that Goldman’s culture had gone haywire, putting its own interests ahead of its clients.
What the e-mail didn’t say was that about 15 minutes later, an Op-Ed article he had written detailing his criticisms was to be published in The New York Times. “It makes me ill how callously people still talk about ripping off clients,” he wrote in the Op-Ed article.
The Op-Ed landed “like a bomb,” inside Goldman, said one executive who spoke on the condition of anonymity.
http://dealbook.nytimes.com/2012/03/...ens-debate/?hp
Hope you don't mind me posting in your room Chris I figured this could go here.
The resignation letter and the debate seems to confirm that Goldman and others are trading against their clients. I don't know if that's illegal or not. I think it is unethical but I am also surprised at this point that anyone would trust Wall Street to not put profit above everything. Hasn't that been their m.o. for a while now?