Thursday, March 15, 2012
Taibbi on the Goldman resignation
Matt Taibbi's blog yesterday addressed Greg Smith's public resignation from Goldman Sachs in the NYT. He admits that all the liberal exposes, Congressional reports like Levin's (which confirm Smith's complaints) or even the Occupy movement will have little effect on this behavior. What will is when such insiders start leaving and influencing others to do the same, thereby affecting the bottom line, the only line these vampires understand. Goldman's stock plummeted from the news and hopefully clients will start to pull out in droves. Granted most of the big investment banks have the same attitude so perhaps now is the time for ethical entrepreneurs to go back to the days when investment brokers held foremost their client's interest? They'll still make a decent profit by so doing, just not a killing (as in killing the whole economy).