Yesterday was a very sad day. The last good man on Wall Street, Greg Smith, resigned from Goldman Sachs in protest of their decadent culture.
To put the sarcasm aside for a moment, I believe Smith makes some valid criticisms, made more powerful by the insider knowledge he has of the company and the business. It probably took a bit of courage to call out publicly people that he had been working with for over a decade. He may have lost a few friends. However, I would have preferred he use the limited word count of his editorial to go into the effect the government response to the 2008 financial crisis may have had on the industry. Did TARP send the message of no moral culpabilitiy to an already depraved culture? Introspectively, what does he think he, as a leader in the company, could or should have done differently to combat the corruption and dishonesty earlier on? All of these questions go unanswered, because Greg Smith has a huge bias… in favor of his own awesomeness. Continue reading