Morally bankrupt culture:: Why I Am Leaving Goldman Sachs – NYTimes.com
Wednesday, 14 March, 2012 Leave a comment
A salutary lesson for every firm…particularly those within Financial Services (irrespective of scale).
Any “leader” who believes this is only about banks or bankers had better think again!
This is about the prevailing culture that they have presided-over, if not created. It may have enabled you to secure the wealth and power you so craved. But, if it is all that some of the newest, youngest, brightest recruits of the last 10 years have been fed and were/are too fearful to question, you can no longer deny that YOU have done your firm, these individuals, your clients (past and present), economies (local &/or global), future generations and, perhaps, the planet untold, perhaps irreparable, damage.
Unlike a Rating Agency my opinion is completely free! It is based upon both qualitative and quantitative data. Put as simply as possible, unless a financial organisation can offer a high level of transparency, sufficient to reassure its stakeholders and to (re)build TRUST it is not and cannot be deemed to be “investment grade”.
Financial Reform, courtesy of Basel and such like, should not come at the enormous expense that it does. Instead of spending increasing amounts on relentless lobbying it could be invested in “change” that stakeholders can see and believe in…TRANSFORMATION from the inside because you know and admit that it is the only way forward.
I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. 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 — or the trust of its clients — for very much longer.
If you like a good conspiracy story I would urge you to read this piece about Martin Armstrong who was only released from jail last year:
Don’t forget that Goldman’s played their part on aiding the Greek Government bring the Euro to the brink of the abyss! I (like others) have had a go at Goldman Sachs on more than one occasion. Enjoy.
- Operational Risk: After MF Global, Risk Management Again Takes Centre Stage (fitforrandomness.wordpress.com)
- Banking: “culture” a greater threat to ROE than Basel (fitforrandomness.wordpress.com)
- The view from “Olympus” and “Why did RBS fail?” v “Roads to Ruin” (fitforrandomness.wordpress.com)
- The case for “Complexity Analysis”: Blind faith, Greek philosophy and risk (fitforrandomness.wordpress.com)
- Survival needs leaders (fitforrandomness.wordpress.com)
- Kodak:: NOT too big to fail…and not alone! (fitforrandomness.wordpress.com)
- Financial meltdown:: Monopoly for 1%…Russian roulette for 99% (fitforrandomness.wordpress.com)
- Forget rating agencies: how YOU can determine if a company is “investment-grade” (fitforrandomness.wordpress.com)
- Unchanged, unpunished, unrepentant, unreliable:: Ratings agencies – authorised to take money under false pretences (fitforrandomness.wordpress.com)