{"id":22717,"date":"2012-03-14T10:02:00","date_gmt":"2012-03-14T10:02:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/goldman-executive-resigns-calls-firms-environment-toxic-gs\/22712\/"},"modified":"2012-03-14T10:02:00","modified_gmt":"2012-03-14T10:02:00","slug":"goldman-executive-resigns-calls-firms-environment-toxic-gs","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/goldman-executive-resigns-calls-firms-environment-toxic-gs\/22717\/","title":{"rendered":"Goldman Executive Resigns, Calls Firm\u2019s Environment \u201cToxic\u201d (GS)"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2011\/09\/Wall-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-thumbnail wp-image-12650\" title=\"Wall-Street\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2011\/09\/Wall-Street-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\"><\/a>Greg Smith, an executive director at Goldman Sachs (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GS\">NYSE: GS<\/a>), resigned today and called the environment at the firm \u201cas toxic and destructive as I have ever seen it.\u201d<\/p>\n<p><span id=\"more-22717\"><\/span><\/p>\n<p>In an Op-Ed column in the New York Times, Smith, who was with Goldman for 12 years, said that the firm has veered so far from the place he joined right out of college that he can no longer in good conscience say that he identifies with what it stands for. He wrote that to put the problem in the simplest terms, the interests of client continue to be sidelined in the way the firm operates and thinks about making money.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Smith, who was based in London, was the head of Goldman\u2019s U.S. equity derivatives business in Europe, the Middle East and Africa. Smith said that Goldman has become too much about shortcuts and not enough about achievement. Smith has blamed the top management at Goldman for the toxic environment.<\/p>\n<p>He says that top officials at the firm coldly talk about \u201cripping their clients off.\u201d He notes that in the past year he has seen five different managing directors refer to their clients as muppets.<\/p>\n<p>The comments from Smith have further tarnished the reputation of Wall Street firms. The financial crisis of the 2008 has been squarely blamed on Wall Street firms, who were responsible for selling toxic mortgage backed securities to investors.<\/p>\n<p>Goldman shares are marginally lower in early trading today. At last check, the stock was trading 0.39% lower at $124.05.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-rise-after-wednesdays-sell-off\/22786\"><br \/>\nGold and Silver Prices Rise after Wednesday\u2019s Sell-Off<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/futures-rise-ahead-of-jobs-data\/22784\"><br \/>\nFutures Rise Ahead of Jobs Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-tumble-3\/22769\"><br \/>\nGold Prices Tumble<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-23\/22768\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-late-trading\/22745\"><br \/>\nStocks Flat in Late Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/the-charles-schwab-corporation-schw-monthly-market-activity-report\/22742\"><br \/>\nThe Charles Schwab Corporation &#8211; SCHW &#8211; Monthly Market Activity Report<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/scorpio-tankers-stng-contracted-to-time-charter-in-three-mr-product-tankers\/22738\"><br \/>\nScorpio Tankers &#8211; STNG &#8211; Contracted to time charter-in three MR product tankers<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Greg Smith, an executive director at Goldman Sachs (NYSE: GS), resigned today and called the environment at the firm \u201cas [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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