"TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."

http://www.nytimes.com/2012...g-goldman-sachs.html

Interesting and, given the position of power and influence of the company, highly disturbing.

So, after 12 years of taking their $$--he grows a conscience. Interesting.

quote Originally posted by maryjane: So, after 12 years of taking their $$--he grows a conscience. Interesting.

After reading the article, maybe he just reached his BS saturation point.

It happens.

Maybe, and took the money and ran. There will be a book of course, and perhaps a movie and screen rights and royalties, and speaking engagements and perhaps even paid speaking engagements to go along with his 15 minutes of fame.........

[This message has been edited by maryjane (edited 03-14-2012).]

I worked for bank of america for ten years. I was unaware how crooked they were for seven years. When you have a family to support you don't jump ship until you have an alternative. In the end they made the decision for me.

Good article. Its a shame that people like Blankfein and Cohn have let a company that apparently used to have integrity become one of the most depised investment banks today. Of course I don't have personal experience with them to know if they were better in the past, but the writer sounds sincere to me.


It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.
....
When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.

Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.

How did we get here? The firm changed the way it thought about leadership. Leadership 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.