Former Goldman Sachs banker, Greg Smith, is releasing his book, “Why I Left Goldman Sachs”, for publication this coming October. His anecdote touches upon Goldman Sachs’ corrupt business practices such as insider trading scandals and manipulation of interest rates. Greg Smith mentioned about Goldman Sachs’ hypocrisy, the bank stating that it “obsessively put its clients’ interests first”. His colleagues referred to the clients as “muppets”, ripping them off. Greg Smith concluded that Goldman Sachs devolved into a toxic and destructive culture that put profits before principle.
This is where all the rules bend. The underlying cause of all the economy’s problems is greed. People want more. Everyone has a selfish desire that they need to fulfill. Everyone actions is for their own self-interest. Humans are inertly self-centered. People with power have the upper hand, they can choose to get away with the money or play it fair and follow ethics. Now, even people without power can still be able to get away with the money, but it is more difficult with less power. To comply with ethics is to respect the rights of others and know that everyone is in the same position to do good or to do harm.
Article Link: http://dealbook.nytimes.com/2012/09/12/former-banker-promises-inside-peek-at-goldman-sachs/