Public Exit From Goldman Raises Doubt Over a New Ethic; New York Times, 3/14/12

Nelson Schwartz, New York Times; Public Exit From Goldman Raises Doubt Over a New Ethic:

"Behind closed doors, it is a conversation that has been taking place with increasing urgency on Wall Street in recent years: making money is good, but is making more money always better, even if it comes at the expense of clients?

That question is now out in the open, exposed anew by an Op-Ed article in The New York Times on Wednesday by Greg Smith of Goldman Sachs. It could re-ignite public suspicion that the culture of Wall Street has swung so sharply to the short-term side of the ledger that clients have not been coming in first, or even second, but dead last."

[Op-Ed] Why I Am Leaving Goldman Sachs; New York Times, 3/14/12

[Op-Ed] Greg Smith, New York Times; Why I Am Leaving Goldman Sachs:

"I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer."