A Disturbance in the Force

A Jerry-Maguire like shot emanated from Goldman Sachs yesterday. Greg Smith, an executive director and longtime employee of the firm, published a stinging resignation letter in the New York Times:

I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money.

The rest of the letter is heavy on drama, but also passion and emotion—Smith clearly cares about the firm and its direction. We can only assume that during his successful decade-plus stint at Goldman, he has put away a large enough financial cushion (and/or has a big enough book deal in the works!) to absorb both the resulting legal fees and the possibility that he just committed career seppuku.

Far more important to the rest of the galaxy was this eerily similar and closely timed resignation: http://www.thedailymash.co.uk/news/society/why-i-am-leaving-the-empire%252c-by-darth-vader-201203145007/

Neither the firm nor its clients (in accounts that the firm manages) presently hold or intend to hold positions related to Goldman Sachs.

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