The Madeleine Brand Show for March 14, 2012

Goldman Sachs' Greg Smith resigns with fiery exit letter in NY Times

Earns Goldman Sachs

Richard Drew/AP

The price of Goldman Sachs stock is shown at a trading post on the floor of the New York Stock Exchange Wednesday, Jan. 18, 2012.

A high-profile defection from Goldman Sachs has stirred up Wall Street this morning. Greg Smith, head of the firm's equity derivatives division, stepped down from his post in London.

His resignation was accompanied by a bridge-burning exit letter published by The New York Times today.

In it, Smith takes Goldman Sachs to task for a "toxic and destructive" business culture and for neglecting the needs of its clients.

Smith wrote, "it makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as muppets."


Sue Craig is a business reporter for The New York Times.

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