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Why I Left Goldman Sachs: Greg Smith on Business Ethics & the Financial Services Company (2013)

A March 2012 resignation letter from the former head of Goldman Sachs US equity derivatives business in Europe, the Middle East and Africa (EMEA) was printed as an op-ed in The New York Times. About the book: it, Smith attacked the company's CEO and president for losing the company's culture, which he described as "the secret sauce that made this place great and allowed us to earn our clients' trust for 143 years". Smith said that advising clients "to do what I believe is right for them" was becoming increasingly unpopular. Instead there was a "toxic and destructive" environment in which "the interests of the client continue to be sidelined", senior management described clients as "muppets" and colleagues callously talked about "ripping their clients off". In reply, Goldman Sachs said that "we will only be successful if our clients are successful", claiming "this fundamental truth lies at the heart of how we conduct ourselves" and that "we don't think [Smith's comments] reflect the way we run our business." Later that year, Smith published a book titled Why I left Goldman Sachs.Goldman is being criticized for its involvement in the 2010 European sovereign debt crisis. Goldman Sachs is reported to have systematically helped the Greek government mask the true facts concerning its national debt between the years 1998 and 2009.[91] In September 2009, Goldman Sachs, among others, created a special credit default swap (CDS) index to cover the high risk of Greece's national debt.[92] The interest-rates of Greek national bonds have soared to a very high level, leading the Greek economy very close to bankruptcy in March and May 2010 and again in June 2011.[93] Lucas Papademos, Greece's former prime minister, ran the Central Bank of Greece at the time of the controversial derivates deals with Goldman Sachs that enabled Greece to hide the size of its debt.[94] Petros Christodoulou, General Manager of the Public Debt Management Agency of Greece is a former employee of Goldman Sachs.[94] Mario Monti, Italy's former prime minister and finance minister, who headed the new government that took over after Berlusconi's resignation, is an international adviser to Goldman Sachs.[94] So is Otmar Issing, former board member of the Bundesbank and the Executive Board of the European Bank.[94] Mario Draghi, the new head of the European Central Bank, is the former managing director of Goldman Sachs International.[94] António Borges, Head of the European Department of the International Monetary Fund in 2010-2011 and responsible for most of enterprise privatizations in Portugal since 2011, is the former Vice Chairman of Goldman Sachs International.[94] Carlos Moedas, a former Goldman Sachs employee, is the current Secretary of State to the Prime Minister of Portugal and Director of ESAME, the agency created to monitor and control the implementation of the structural reforms agreed by the governent of Portugal and the troika composed of the European Commission, the European Central Bank and the International Monetary Fund. Peter Sutherland, former Attorney General of Ireland is a non-executive director of Goldman Sachs International. These ties between Goldman Sachs and European leaders are an ongoing source of controversy.[94]The Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. It is recognized as one of the premier investment banks in the world,[3][4] but has sparked a great deal of controversy over its alleged improper practices, especially since the 2007--2012 global financial crisis.Former Goldman executives who moved on to government positions include: Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton and George W. Bush, respectively; Mario Draghi, President of the European Central Bank; Mark Carney, Governor of the Bank of Canada 2008--13 and Governor of the Bank of England from July 2013.

Sebastian Krajewski

Oh so "woke" leftist like Kellerman , known SJW wa nts full credit for Kawhi that he is shutting down Durant who is basically still hurt. Wow, this clown is getting more annoying and stupid every day.

SAAD RAHEE

Song name????

HUN NoName110

It's GTA IV The Lost and Damned?

Johann Aurelius

@TheCooleo900 It's a joke.

Masters Group Ltd

Why is there a car in the bleachers??

Antoni Stecko

SUBSKRYBUJ Mnie ANTEK

Masonl lLaBranche

Make a video with Tom brady

TheTruffulaChicken3001

Hi I have impetigo 😶😐😀🤠😄😅😁😆😂🤣💥

neosporim 1234

ХОРОШИЙ КАНАЛ

DoublePinkPlayz Games

K

Work Hard

I agree that there is a headless horseman in both TF2 and Skyrim, but the person here thought that the headless horseman originated from TF2, which as you said here is desperately incorrect.

Connor Playz

At 2:46 I realized that the and his dad have the same shoes but different colors

Ronnisha Mungin

Dude perfect good slam DUNKS ;)

Julio Romero

Alguien de mexico Omg I'm weird send help

Petar Celakoski

The chip

•Laurence Edits•

Jake looks like Harry Styles

Thank Yee

Feels like asmr with earphones on

L

so wait the whole story is that is was just kind of a story? a game that Eddie and sam played and when we play we are basically the toy while Eddie and Sam play??????

Dhruvil Desai

That basement scene jumpscare from Annabelle was fucking scary it should've been in Top 3

Tyler Hernandez

Tyler won taste test with 3 garret had 2

k unanimous

That flying sausage move was coolio. Plus that romantic walk by the alleys with a finish-her was pretty dope too 😅

Jack Clarke

Woah look at that guys beard

LightningBolt808

Wait so it’s not normal to always talk and play with the people in ur head? Uh o

Nasuha Nasuha

France!!!!!!!

Hussy Rio

Who does dress up as panda

mikey jeffers

Technically he is smart he is Recruiting players from the NBA finals I see you man trynna make a Dynasty!

Bryton Bender

Is it name panda

(I gotta leave) Get down girl, go 'head, get down

Andrés Martino

Sorry, but wasn't Hideo saying "thank you for your support" was cute AF.

NeoLegendX

who has ever won carrying a tam alone

Finnish Slav Boy

Dude perfect I will be in Dallas today I hope I see you guys👍🏼

Creative Madness

I wonder how did you calculate total view of this channel 🤔

noctis rivera

poor brayan he was hit in the private spot i laugh so hard when he was shotby bobby 😂🤣😂🤣

Jake The Dog

how do you even do that. that is amazing. good job

Tbh i think that since you were the one who led the situation and pushed that girl away with the phone call, that means that he doesn't care about the family as much as you do and living with a husband who will sooner or later cheat again (because im sure his opinion didn't change) will only destroy the daughter

Rocky Wynter

so? thats not much of a easter egg due to the creators of Dead island being Poland

karol Nateras

Putos que negro mi hijo es negro ce

Janne Markkanen

How the weather was too bad? No way...

Kameel Nader-Kamel

Great Video guru :)

Stan Calma

I just bursted out of laughter when Tyler's gum went all over his face

Peppridge Farms Remembers

Donvate' Watson

Congratulation to garttet on the new bady

Nygma Blackheart

oh shiet.. here we go again..

Nadya !!

this is like detroit the game

Star Keeper 427

Dude Perfect!hmm..I don't understand the hatters!

NOT ACTIVE NEW CHANNEL: Hidred-Nalin

Guru, I read the little message at the end, are you okay?