Greg Smith was an executive director and the head of the Goldman
Sachs equity derivatives business in Europe, the Middle East and Africa until
yesterday, when he publically
resigned in the New York Times.
Smith cited a shift in organizational culture from the consumers to the money primary reason for the resignation. Goldman
Sachs, from his experience, is never afraid to rip off a client to make a profit.
He meant it as a wake-up call to the company, but will it
work?
It’s sure managed to drive a lot of media coverage and put
Goldman Sachs back on the front page, for the moment at least. Only time will
tell if this produces the intended change. If I had to guess, I’d put my money
on no.
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