Wednesday, March 14, 2012
Quote of the Day
"It makes me ill how callously people talk about ripping clients off."
-- Former Goldman Sachs Executive Director Greg Smith
I say former because Smith is quitting Goldman Sachs as of today -- and his letter of resignation is an op-ed piece in today's New York Times. It's scathing. It's illuminating. And while it likely won't change a thing when it comes to the firm's culture of relentless, insatiable greed, it's still a very big public kick in the nuts to Wall Street.
Make no mistake: This is a PR catastrophe for Goldman.
Adding: As you'd expect, Taibbi's take on Smith's exit -- which he calls "brave," "eloquent" and "devastating" -- is very good.