Stock prices whiz by on a ticker near the Goldman Sachs booth on the floor of the New York Stock Exchange April 16, 2010 in New York, New York.
(Chris Hondros/Getty)
When Goldman Sachs employee Greg Smith handed in his letter of resignation, he did so in the most public manner possible — by posting it in the pages of The New York Times. In his letter, the former derivatives trader described the firm's working environment as "toxic and destructive" and accused their culture of placing company profits over client interest whenever possible.
In this conversation with Louise Story, investigative reporter for The New York Times, we discuss the culture of Goldman Sachs and the culture of Wall Street.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
Major funding provided by:
Comments [2]
The sad tale here is that so very few employers have any kind of mechanism to address a variety of problems that employees can readily observe.
The culture then becomes, exclusively, a 'go along to get along' club--with the executive suite often oblivious to both minor and major problems (all of which would be less significant if addressed earlier)
How very bad for our culture that these highly paid goons are so lionized and forgiven for the vast majority of their great and glorious sins.
Well ... in a country where countless individuals die in hospitals attached to machines for a simple reason (hospital profits), where countless other individuals die in fields after months (or rarely years) of slavery, working for $1 an hour, where journalists paid by Arab oil money misdirect public attention ... as ordered, I've been hearing about Goldman and Sachs and Goldman and Sachs only. Hmmm
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