March 14, 2012
Greg Smith resigned today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. His resignation appeared in the New York Times as an article rather than turning it in to his boss. It’s one hellva resignation coming from a senior executive of a major Wall Street bank. He tell’s it all. No doubt he will be tagged by Goldman Sachs and their PR outlets (CNBC, Fox Faux, Fox Business, etc.) as a “disgruntal employee”. But past evidence supports what Smith said in his resignation.
Read Smiths publication (PDF). It’s well worth the time.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky