must read & my thoughts... Why I Am Leaving Goldman Sachs - NYTimes.com

Why I Am Leaving Goldman Sachs - NYTimes.com:

This article is a must read...

despite him being an executive director only (not managing director).. it still highlights what I have been saying for many years, which is the fact that investment banking is about short term profit rather than doing something that is good and make sense from the company's point of view (without killing chicken for the eggs)..

Its very brave of him to do so, I hope he has a big enough war chest of pot of gold to defend forth coming law suits... lets hope someone else dare to hire him in the future.. !?



"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."

"Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa." ..