Ex Exec of goldman & sach opens the lid on banking cultures

[mertle]

saw this on another forum wow this open volcano in the banking.

Its letter on why he resigned by Greg Smith he quit as executive for goldman sachs.

Its absolute disgraceful horror read on tricks deceit lies they had to use.

http://www.nytimes.com/2012/03/14/op...man-sachs.html

Just little piece from one part this could be the new dawn new concience from people in power in the banking sector reveals lsome telling methods.

How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,� which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.� In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

[Dai]

Sadly that sounds about right. It seems to work all the same these days. You can't go to your local bank without them attempting to sell you extra 'product'.

I hope this guy doesn't have an unfortunate traffic accident or heart attack in the near future.

[mertle]

The company been quick to refute the claims its toxic environment not really suprising they was bound to act to try nip it in the bud quickly.

You wonder the scale this could cause apparantly Smith was involved in middle east and asia markets. These punters was the very rich oil tycoons.

http://www.bbc.co.uk/news/business-17373736

Certainly be interesting where this will go.

Interesting comment from robert preston the beeb business correspondence He toast in wall street.

The banking system will close ranks for sure unless smith got evidence up his sleeve they will bury him for sure.