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Want to Improve Goldman Sachs Convert it Back into a Partnership - Forbes

Want to Improve Goldman Sachs Convert it Back into a Partnership - Forbes

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12/10/12 Want to Improve Goldman Sachs? Convert it Back into a Partnership - Forbes 1/3 forbes.com/sites/aroy/2012/03/14/…/print/ Former Goldman CEO Jon Corzine. Image by AFP/Getty Images via @daylife Greg Smith, a former executive director at Goldman Sachs, is making waves today with a blunt op-ed in the New York Times , in which he says that he is resigning from Goldman Sachs because the bank’s culture has mutated into one of “ripping…clients off” from one of putting its clients first. Those who think that banking and finance are inherently corrupt are already describing Smith’s op-ed as a kind of Thomas Paine-like call to arms against the institutions of high finance. But banking’s populist critics are glossing over a question that Smith doesn’t even address: if Goldman Sachs has indeed changed, why has it changed? I’ve worked at J.P. Morgan, but not Goldman Sachs, so I have no personal insight into whether or not Smith’s critiques of Goldman are accurate. Usually, when you leave an investment bank, you sign a severance agreement in which the bank agrees to pay you some nominal amount, in exchange for your promise not to say anything bad about the bank in public. So, in Smith’s case, either the money was not enough, or he didn’t care. Cynics on Twitter are already suggesting that Smith is attacking his former employer because he didn’t get promoted to managing director.
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