USAToday reports: Greg Smith, an executive director at Goldman Sachs, resigned with a blistering public essay that accused the bank of losing its "moral fiber," putting profits ahead of customers' interests and dismissing customers as "muppets."
Most resignation letters are quietly exchanged between employees and their bosses two weeks before the last day. But not so with Greg Smith, a London-based employee of Goldman Sachs.
Smith's letter, first published in The New York Times, outlined the 12-year veteran of the firm's gripes against the bank. He stated, without giving many details, on how the company has allowed its pursuit of profit to supersede its role to serve the customer.
In the letter, Smith said Goldman employees scoffed at the mental capacity of clients who willingly bought financial instruments the investment bank was eager to unload. Goldman's management disputed the allegations through a letter distributed internally, according to Reuters...
http://www.usatoday.com/money/perfi/columnist/krantz/story/2012-03-18/exchange-rate-dollar-euro-currency-rates/53577750/1
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