Morality on Wall Street?
Posted on March 16, 2012
Keeping on the topic of morality and economics, you might have heard that earlier this week a former Goldman Sachs executive, Greg Smith, detailed in the New York Times outlined why he was leaving the company:
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.
When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.
The widespread response to Smith’s article has the Times focusing its newest edition of “Room for Debate” on the question:
“Does morality have a place on Wall Street?”
Check out the eight responses by clicking here.