Search This Blog

Thursday, March 15, 2012

"Man Quits Firm - Loudly!" - The Economist

Evening all,

We all know about the 2008 financial crisis.  I've been interested in the fall-out since TARP was instituted.  I wanted more insight into the events that led to the September 2008 fall of Lehman Brothers and the subsequent bailout of AIG and others.  I read Too Big to Fail by Andrew Ross Sorkin.  I found it to be a well written and easy to understand investigation into the crisis on Wall Street.  Throughout Too Big to Fail the reader becomes acquainted with the major Wall Street investment banks, one of which is Goldman Sachs.

On Wednesday March 14, 2012 Greg Smith, Goldman's executive director and head of the United States equity derivatives business in Europe resigned.  He did so through a New York Times Op/Ed piece. 

I don't know how you view investment bankers but I have a precise image in my head - it's generally unflattering.  Mr. Smith talks about why he's resigning, and what he thinks has gone wrong with the firm's culture.  The link to his very public resignation is below if you're interested in reading it.

Thank you for your time.

No comments:

Post a Comment