Goldman Sachs banker Greg Smith slams firm in NYT

Goldman Sachs banker Greg Smith slams firm in NYT resignation letter

Greg Smith, a London-based Goldman Sachs vice president, publicly resigned from the financial firm in a scathing New York Times op-ed piece published Wednesday. In the article, Smith lashed out against Goldman’s “toxic” culture which, he feels, places profit above the best interests of clients. Smith likened the business to an elephant hunt, where bankers push investors into deals that will make the most money for the firm. Adding insult to injury, Smith claimed clients were consistently referred to as “muppets” in internal emails. Goldman CEO Lloyd Blankfein and President Garry Cohn defended the firm in an internal statement. It cited a survey in which an overwhelming majority of Goldman employees said they think the…