A March 2012 resignation letter from the former head of Goldman Sachs US equity derivatives business in Europe, the Middle East and Africa (EMEA) was printed as an op-ed in The New York Times. About the book: https://www.amazon.com/gp/product/1455527475/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1455527475&linkCode=as2&tag=tra0c7-20&linkId=8eb9c80fa4adb6e52c473bdd005d78ef
In it, Smith attacked the company's CEO and president for losing the company's culture, which he described as "the secret sauce that made this place great and allowed us to earn our clients' trust for 143 years". Smith said that advising clients "to do what I believe is right for them" was becoming increasingly unpopular. Instead there was a "toxic and destructive" environment in which "the interests of the client continue to be sidelined", senior management described clients as "muppets" and colleagues callously talked about "ripping their clients off". In reply, Goldman Sachs said that "we will only be successful if our clients are successful", claiming "this fundamental truth lies at the heart of how we conduct ourselves" and that "we don't think [Smith's comments] reflect the way we run our business." Later that year, Smith published a book titled Why I left Goldman Sachs.
Goldman is being criticized for its involvement in the 2010 European sovereign debt crisis. Goldman Sachs is reported to have systematically helped the Greek government mask the true facts concerning its national debt between the years 1998 and 2009.[91] In September 2009, Goldman Sachs, among others, created a special credit default swap (CDS) index to cover the high risk of Greece's national debt.[92] The interest-rates of Greek national bonds have soared to a very high level, leading the Greek economy very close to bankruptcy in March and May 2010 and again in June 2011.[93] Lucas Papademos, Greece's former prime minister, ran the Central Bank of Greece at the time of the controversial derivates deals with Goldman Sachs that enabled Greece to hide the size of its debt.[94] Petros Christodoulou, General Manager of the Public Debt Management Agency of Greece is a former employee of Goldman Sachs.[94] Mario Monti, Italy's former prime minister and finance minister, who headed the new government that took over after Berlusconi's resignation, is an international adviser to Goldman Sachs.[94] So is Otmar Issing, former board member of the Bundesbank and the Executive Board of the European Bank.[94] Mario Draghi, the new head of the European Central Bank, is the former managing director of Goldman Sachs International.[94] António Borges, Head of the European Department of the International Monetary Fund in 2010-2011 and responsible for most of enterprise privatizations in Portugal since 2011, is the former Vice Chairman of Goldman Sachs International.[94] Carlos Moedas, a former Goldman Sachs employee, is the current Secretary of State to the Prime Minister of Portugal and Director of ESAME, the agency created to monitor and control the implementation of the structural reforms agreed by the governent of Portugal and the troika composed of the European Commission, the European Central Bank and the International Monetary Fund. Peter Sutherland, former Attorney General of Ireland is a non-executive director of Goldman Sachs International. These ties between Goldman Sachs and European leaders are an ongoing source of controversy.[94]
The Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.
Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. It is recognized as one of the premier investment banks in the world,[3][4] but has sparked a great deal of controversy over its alleged improper practices, especially since the 2007--2012 global financial crisis.
Former Goldman executives who moved on to government positions include: Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton and George W. Bush, respectively; Mario Draghi, President of the European Central Bank; Mark Carney, Governor of the Bank of Canada 2008--13 and Governor of the Bank of England from July 2013.
http://en.wikipedia.org/wiki/Greg_Smith_(businessman)
