“I can honestly say that the environment now is as toxic and destructive as I have ever seen it.”-Greg Smith, former Goldman Sachs executive director U.S. equity operations in Europe, Middle East & Africa

Greg Smith, a 12 year employee of Goldman Sachs quit in disgust. He witnessed first hand how these power hungry elites feel about their customers: “It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets,’ sometimes over internal e-mail.”

Smith lets the public in on current Goldman Sachs policies: “…a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients – some of whom are sophisticated, and some of whom aren’t – to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.”

Smith also warns that things could get worse: “…the most common question I get from junior analysts about derivatives is, ‘How much money did we make off the client?’ It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about ‘muppets,’ ‘ripping eyeballs out’ and ‘getting paid’ doesn’t exactly turn into a model citizen.”

Smith is calling on the Board of Directors to take action: “Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm…”

Concerning “morally bankrupt”, did you know the ‘christian’ CEO of Goldman Sachs, Lloyd Blankfein, has nicknamed his job of ripping of people “God’s Work”!

Protestors attack Goldman Sachs