[link to finance.yahoo.com]
A senior executive at the firm, Greg Smith, quit today in spectacular fashion, announcing his resignation in a scathing New York Times editorial in which he accused the firm of gleefully "ripping off" its clients and succumbing to short-term greed.
Within today's Goldman Sachs, Smith says, senior bankers often refer to the firm's clients as "muppets."
The firm has lost the culture of integrity, teamwork, and humility that once made it great, Smith says, and instead has become a place that is "as toxic and destructive as I have ever seen it."
"It makes me ill how callously people [in the firm] talk about ripping their clients off," Smith continues... "Leadership [at the firm] used to be about ideas, setting an example, and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence."