Friday, December 7, 2012

More to the Goldman Sachs VP's Story

Earlier this year, a VP at Goldman Sachs, Greg Smith, resigned and published his resignation letter in the New York Times. In his letter he laid out claims that Goldman's business model is to consciously rip off their clients. 60 Minutes recently did a story on Smith and interviews him along with numerous other individuals. Smith has recently published a book titled "Why I left Goldman Sachs." Goldman officials claim that Smith has a personal vendetta against his employer. On the other hand, Smith is not the first person to criticize Goldman or the investment banking industry for unethical business practices. Many trace some of the major economic downturns of our times back to this industry including major frauds like Enron and Worldcom as well as the mortgage meltdown. Check out the 60 Minutes story if you're interested in hearing more from Smith and his allegations against Goldman.

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