» Remember former Goldman Sachs VP Greg Smith? You know, the one who published his resignation letter in the New York Times? Well now he’s writing a book that will cover his 12 years with the company, and at least one expert on the bank expects serious blowback. William Cohan, author of Money & Power: How Goldman Sachs Came to Rule the World, explained that while the idea of the bank putting its own interests before its customers was not a new one, “what is new is that it’s an employee saying it.”
We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.A spokeswoman for Goldman Sachs • Discussing the claims made in a New York Times op-ed by now-departing exec Greg Smith. An exec speaking off the record in the response story says that Smith’s job was a “relatively junior position held by thousands of Goldman employees around the world,” despite the fact that he’s listed as a vice president. I’m sorry, what sort of effed-up corporate culture must you have to have thousands of vice presidents? On a side note, Smith’s letter is already a meme. Check out these quips, thought up by HyperVocal.
It should be noted that the Times decided to illustrate Greg Smith’s Goldman Sachs resignation op-ed with this, reminding us all that he’s still a buzzard, feeding on carcasses — and now he’s just going to go feed off another.
(Illustration: Victor Kerlow / NY Times)
Story of the morning. Perhaps the most iconic open letter since Steve Jobs’ “Thoughts on Flash” from two years ago. Also worth a read when you’re done. (ht @AntDeRosa on that front)
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