Former Goldman Sachs director Greg Smith has given his first interview after writing a damning article in the New York Times in March about the “toxic and destructive” environment that forced him to quit his job.
Speaking with the Associated Press ahead of the publication of his book, Why I left Goldman Sachs, Smith said that investment banking on Wall Street “ultimately affects everyone”, and that it isn’t “just rich people gambling with other rich people’s money”.
Smith’s controversial op-ed, in which he laments his former employer’s ruthless drive for profits – an approach that he says will force clients to lose trust, caused uproar in financial circles when it was published on March 14.
Its effect rippled through the multinational bank, which was reported to have lost in excess of $2.15 billion of its market value as a direct result of Smith’s article.
Using products from a random selection of Goldman’s top holdings, including Apple, Microsoft and Pfizer, Blue & Green Tomorrow worked out how many items each of the 16 paragraphs, 1,278 words, or 5,754 characters, would be able to purchase, and displayed this as an infographic. (Click below to enlarge).
Smith told the Associated Press that Goldman has since brushed off all his claims, despite him receiving countless text messages and emails from clients saying they agree with his stance.
“The thing that disappoints me most is that management is denying there’s a problem”, Smith explained.
“Why not try to repair the trust instead? Clients are telling you they don’t trust you.”
He added that evidence of unethical behaviour is displayed perfectly by the fraud case against Goldman from the Securities and Exchange Commission (SEC), which accused the bank of selling dodgy investments and forced it to pay $550m in fines – the biggest SEC punishment in Wall Street history.
“Right now the system is stacked against everyone else in favour of the banks”, continued Smith.
“It’s a little like a casino. A real casino is regulated and there are cameras everywhere and the casino cannot see your cards.
“With Wall Street today, the bank can see what every government, every pension fund, every hedge fund in the world is doing. They can effectively see everyone’s cards.
“Then, instead of facilitating the client’s will, they’re trying to get the client to facilitate their will.”
Sadly, this behaviour is not exclusive to Goldman Sachs. The cutthroat world of mainstream financial services displays similarly unethical traits across the board – an unsustainable and irresponsible direction to progress in.
B>’s recent Guide to Sustainable Banking explored the best, ethical, sustainable and responsible banking alternatives in the UK – none of which are steeped in shady transactions and profit-centred motives.
Like our Facebook Page
7 Benefits of Purchasing Sustainable Housing
Our Top Five Sustainable Home Renovations For 2023
6 Ways Eco-Friendly Photographers Can Take Beautiful Natural Pictures
Emerging Research In Seagrass Restoration: What Does The Future Hold?
Sustainable Bites: How To Make Your Diet Eco-Friendly
Coffee Farms & Cloud Forests: Colombia’s New Eco Initiatives
Electric Cars: Are They Worth The Switch?
Maximizing the Efficiency of Deliveries: Strategies for Sustainable Businesses
The Rise of Sustainable Cloud Computing
Navigating Towards A Greener Future: Sustainable Practices In Maritime
The Future of Sustainability In The Logistics Industry
Can Eco-Friendly Businesses Embrace VPNs to Bolster Cybersecurity?
Eight Different Eco-Friendly Developments in the Food Industry
UK Lags EU in Installing Heat Pumps to Slow Climate Change
5 Key Areas to Look at When It Comes to Business Sustainability
Addressing Leadership Challenges in Green Entrepreneurship
Holding Eco-Friendly Coins is Greener and More Profitable
5 Reasons That Diamonds Can Be Excellent Green Investments
Eco-Friendly Airlines Use Weather Models to Make Safer Flights
Why Should We Invest in Eco-Friendly Homes?
- Features3 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment7 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment11 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?
- Business10 months ago
The Pulp & Paper Industry is Reaching its Sustainability Goals