Greg Smith: Why I Am Leaving Goldman Sachs (Resumé as Op-Ed)
Greg Smith Blasts Goldman Sachs in NY Times Article
Former Goldman Sachs executive Greg Smith is leaving the Wall Street giant after 12 years. Greg Smith tendered his resignation in the form of a blistering op-ed ("Why I Am Leaving Goldman Sachs") for the New York Times, in which he skewers the "toxic and destructive" working culture of the investment bank.
Read Greg Smith's Goldman Sachs resignation letter via the link below:
It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail.
However, Greg Smith's fuck-you to Goldman Sachs is a please-hire-me to everyone else: read the article twice: once for the stated purpose of the piece, and again for the second message. Come on, Smith mentions his success as an international ping-pong player and his pedigree from Stanford in an article that's supposed to be about Goldman Sachs?
Greg, Goldman Sachs is, and always has been, about making money. Period. What part of "investment bank" is unclear?
- Occupy Wall Street: Just Throwing This Link In
In other words, why would any sensible person expect Goldman Sachs', or any other investment bank's, culture to change when none of them bore any real costs from the Global Financial Crisis. In humans as in all animals, rewarded behavior is repeated.
We like Don Draper's "Why I'm quitting tobacco" memo, too, but Greg Smith's resignation is more about self-aggrandizing than anything else.
Parodies of Greg Smith Resignation Letter
Since this is the internet, several parodies of Greg Smith's resignation letter have emerged, the best of which is probably:
- Darth Vader: Why I Am Leaving the Empire ("The Empire today has become too much about shortcuts and not enough about remote strangulation. It just doesn’t feel right to me anymore.")
Also see the fake response from Goldman Sachs CEO Lloyd Blankfein, as well as Michael Comeau's unsolicited application for Greg Smith's newly-vacated position. Oh, and Alexandra Petri's "Why I Am Joining Goldman Sachs".