The language of the article is clear and explicit in its statements, leaving no doubt about the message it wants to transmit. Greg Smith seems to be really disappointed with the behaviour of such an institution. I guess he joined Goldman Sachs full of illusion, after his years in university, and happy for joining a bank which was different than the others and, over 12 years, he has found out that nothing was as nice as we are told.It is clear to me that the banks themselves create the incentives for such a unethical behaviour, where the bonuses of the employees are based on the profit they generate for the bank, not on how they meet the needs of the customers. Therefore, they have a clear incentive to forget about the real objectives of the customer and their work turn into a sophisticated way of cheating. Employees of Goldman Sachs (and other similar banks) are not evil per se, but the system, the long names of their positions (everybody seems to be Executive Vice-President there) and the temptation of the money make them leave their principles at home when going to work.
On the other hand, compared with the greedy behaviour of 99,9% of the employees of these banks, Greg Smith deserves our admiration as he has decided not to go on with this life of easy money, cheating and fake, and is trying to change it, for the good of Goldman Sachs. He does not want to hurt the bank, on the contrary, he is trying to help it come back to its basic business.
What the article is telling us is undoubtedly sad, but true. This is the capitalism which is ruling now our financial system. Are we sure this is what we want?
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