11 Reasons Why America Would Be A Better Place Without Goldman Sachs
Would America be a better place without Goldman Sachs? Of course it would. The “vampire squid” of Wall Street does not care about the future of America. Sadly, Goldman Sachs apparently does not even care much about their own clients. What Goldman Sachs is all about is making as much money as humanly possible. In the end, there is nothing wrong with making money, but there are constructive ways to make money and there are destructive ways to make money. Unfortunately, Goldman Sachs seems to find the destructive path almost irresistible. Greg Smith, the head of the U.S. equity derivatives business for Goldman Sachs in Europe, the Middle East and Africa made headlines all over the world on Wednesday when he resigned publicly from Goldman Sachs in a scorching editorial in the New York Times. Smith said that he could “honestly say that the environment now is as toxic and destructive as I have ever seen it”. Considering what we know has gone on at Goldman over the past decade, that is very frightening to hear. So could this be the beginning of the end for Goldman Sachs? And if it is, will America be a better place when Goldman is gone?
You would think that at some point clients of Goldman would become so sick and tired of the stories of corruption coming out of the firm that they would simply walk away.
Unfortunately, corruption is so endemic on Wall Street that Goldman Sachs really does not seem out of place. The truth is that a lot of the things that are said about Goldman could also be said about JPMorgan Chase, Bank of America, Citigroup and Morgan Stanley.
But in recent years Goldman Sachs has truly become a national symbol of what is wrong with our financial system. As the American people become fed up with institutions such as Goldman, hopefully we will start to see some of them disappear.
The following are 11 reasons why America would be a better place without Goldman Sachs….
#1 Even after all of the negative publicity we have seen in recent years, Goldman Sachs appears to not have learned any lessons. The following is how Greg Smith described the three ways to get ahead at Goldman Sachs….