“I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.” So says Greg Smith, until today the head Goldman Sachs’ equity derivatives business in Europe, the Middle East and Africa. This relatively young man who was working his way to the top very quickly simply walked off, leaving behind a scathing resignation letter – that he sent to the New York Times.
You can read the entire piece here, and it’s worth the time. There isn’t anything particularly new in it for those of us who have been watching Goldman for years, but the details are chilling all the same. They may be what gets the world moving toward correcting the problems that are not just at Goldman, not by a longshot.