Last week, few people probably knew who Greg Smith was, despite his lofty role as executive director at Goldman Sachs. After his very public resignation, however, he is the talk of business world.
In a New York Times Op-Ed piece yesterday he blasted the investment giant, saying it routinely put profits before clients’ interests, with staff apparently mocking those whose money they were managing.
The column is being blamed for a $2.2 billion drop in Goldman’s market capitalization since it was published.
Additional voices have joined the fray; some serious, some less so.
Several former Goldman employees have voiced their opinions on Smith’s exit letter, in a piece, again, on NYTimes.com.
Former AIG chief executive Hank Greenberg seems to agree with Smith, telling Bloomberg that Goldman Sachs has lost its way, allowing the short-term trader mentality to take control, rather than a long-term investment banking mentality.
Satirist Andy Borowitz has posted a response to Smith’s resignation letter, reassuring clients that all is well at Goldman.
Apparently Smith’s resignation letter even moved Darth Vader to resign his post at the right hand of Galactic Emperor Palpatine.
For more of the serious commentary on Smith’s letter, click here.