Clients were ‘muppets’ says Goldman Sachs exec in stinging essay

 

 

New Zealand Herald
Thursday Mar 15, 2012

 

An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its “moral fiber” and said managing directors there referred to clients as “muppets.”

Greg Smith, an executive director at Goldman, said the company needs to “weed out the morally bankrupt people” and suggested the erosion of Goldman’s culture threatened its survival after 143 years.

Smith wrote that he attended sales meetings in which helping clients make money was not part of the discussion.

“If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all,” he wrote.

The essay was published on Wednesday in the Op-Ed page of The New York Times. It quickly became popular online and was among the topics “trending” on Twitter, the social network.

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