How painful you realise that the place you have dedicated your career to is m...

Terrence Miao - 2012-03-15 17:24:20+1100 - Updated: 2012-03-15 17:24:20+1100

How painful you realise that the place you have dedicated your career to is morally bankrupt, and not worthy of your time or energy.

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.

Why I Am Leaving Goldman Sachs

James Gemmell - 2012-03-15 19:13:34+1100

Wow. So that's what all the fuss is about.

Terrence Miao - 2012-03-15 19:17:55+1100

Well any negative stories and dramas from GS can become the news on the frontpage.

James Gemmell - 2012-03-15 19:18:59+1100

Back when he was CEO, Hank Paulson used to say that of all of Goldman's assets, the most important was reputation because once lost, it could never be regained. How prescient an observation was that?

Terrence Miao - 2012-03-15 19:31:20+1100

+James Gemmell Greg Smith is from South Africa. Do you guys know each other in SA or in GS? :-)

James Gemmell - 2012-03-15 19:53:09+1100

LOL. Neither. Never heard of him until today.

James Gemmell - 2012-03-15 20:35:27+1100

Interestingly enough, the sentiments he expresses echo those in City Boy (published 2008) and Michael Lewis' Liar's Poker (published 1990)

James Gemmell - 2012-03-15 21:34:01+1100 - Updated: 2012-03-15 21:34:14+1100

"Our assets are our people, capital and reputation. If any of these are ever diminished, the last is the most difficult to restore." -- Goldman Sachs Business Principles

Whoops!

Terrence Miao - 2012-03-16 00:48:52+1100

JPMorgan CEO Jamie Dimon warns staff on schadenfreude after ex-Goldman banker Greg Smith resignation.

Schadenfreude!