Goldman Sachs “muppet hunt” finds little substance

By Wire services | October 11, 2012 | Last updated on October 11, 2012
1 min read

Earlier this year, Greg Smith, ex-employee of Goldman Sachs, claimed the company had a toxic environment and that staff called clients “muppets.” But after an internal investigation, Goldman is saying there’s little substance to the allegations, reports Financial Times.

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The investigation was dubbed the “muppet hunt.” Investigators interviewed dozens of staff and sifted through millions of emails, finding about 4,000 “muppet” references. But 99% were referring to last year’s movie of the same name, says Financial Times.

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Now, it’s Smith who is under the microscope.

The review also found weeks before his public resignation—a letter he published in the New York Times—Smith complained about his bonus and said he deserved to be paid more than $1 million, reports Financial Times.

The board at Goldman Sachs has recommended no further action be taken.

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Meanwhile, the company may want to brace itself. Smith is set to publish a tell-all book, Why I Left Goldman Sachs, on October 22, 2012.

Wire services