Goldman Sachs, Morally Bankrupt

Steve Kinsman By Steve Kinsman, 14th Mar 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/2it06pxm/
Posted in Wikinut>News>Business

Goldman Sachs is the posteer boy for everything that has gone wrong in our economy.

"A knee in the nuts"

Greg Smith, a Goldman Sachs executive, wrote an open letter to the New York Times, published yesterday, March 13, in which he derided what he called the "toxic and destructive" culture of the firm. He wrote that he could no longer remain with the firm because it has lost its moral compass. Smith's letter to the Times has caused quite a stir on Wall Street, and one wry observer called his action "a knee in the nuts" to the financial industry.

The letter

Smith writes: "These days, the most common question I get from junior analysts about derivatives is, 'How much money did we make off the client? 'It bothers me how many times I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project ten years into the future. You don't have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about 'muppets,' 'ripping eyeballs out,' and 'getting paid,' doesn't exactly turn into a model citizen."

Greg Smith made over seven figures annually with Goldman Sachs, and he has turned his back on that princely sum in order to keep his integrity intact. Smith, in my book, is a hero of the first order.

Preview image from photobucket.com
Protest photo from commondreams.org

Tags

Economy, Goldman Sachs, Investment Banking, Investment Firms, Steve Kinsman, Wall Street

Meet the author

author avatar Steve Kinsman
I live in California with my wife Carol, where I have been practicing professional astrology for 35 years. I write articles on astrology, but I enjoy writing on a variety of other subjects as well..

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Comments

author avatar Mark Gordon Brown
14th Mar 2012 (#)

Wow... just, wow, few people will do what Smith did.

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author avatar Steve Kinsman
14th Mar 2012 (#)

Good for him. Thanks Mark.

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author avatar vpaulose
15th Mar 2012 (#)

Thank you dear brother Steve for this enlightening post.

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author avatar Steve Kinsman
16th Mar 2012 (#)

Thank you dear brother. I hope all is well with you and yours.

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author avatar Buzz
15th Mar 2012 (#)

Thanks for the info, Steve.

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author avatar Steve Kinsman
16th Mar 2012 (#)

Thank you Buzz.

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author avatar M G Singh
15th Mar 2012 (#)

Good info Steve. you have wide knowledge

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author avatar Steve Kinsman
16th Mar 2012 (#)

Thank you Madan. That's a great compliment.

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author avatar Songbird B
16th Mar 2012 (#)

Good on him! What an exception he is Steve! Great and positive report my friend..

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author avatar Steve Kinsman
16th Mar 2012 (#)

Too bad there aren't more like him. Thanks for commenting Songbird.

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author avatar Md Rezaul Karim
16th Mar 2012 (#)

Thank you for sharing the news.

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author avatar Steve Kinsman
16th Mar 2012 (#)

Thank you MD.

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author avatar David Reinstein,LCSW
16th Mar 2012 (#)

My goodness... You don't mean to suggest that successful capitalists, left unregulated to their own devices, will not do the right thing?! Do you? :-}

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author avatar Steve Kinsman
16th Mar 2012 (#)

Well, certainly I do, David.

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author avatar Ivyevelyn, R.S.A.
29th Mar 2012 (#)

I am sure Mr. Greg Smith has heard our voice supporting his honesty and integrety, because he won't be too popular on Wall Street now.

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