Resigning Goldman Sachs exec calls firm 'toxic'
A Goldman Sachs executive director resigned after nearly 12 years with the U.S. investment firm, slamming the company in his resignation letter, which was published in Wednesday's New York Times.
- In a damning Op-Ed column, London-based Greg Smith, blasts his colleagues for speaking callously about "ripping their clients off" and describes the work environment as the most "toxic and destructive" he has seen in his 12 years with the firm.
"To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money," he wrote.
In fact, he added, he has seen five different managing directors refer to their own clients as "muppets," sometimes over internal email. 
Why I Am Leaving Goldman SachsTODAY is my last day at Goldman Sachs. After almost 12 years at the firm - first as a summer intern while at Stanford, then in New York f...- The column sparked much discussion on social media, and Goldman Sachs began trending worldwide on Twitter.
Some users pondered what repercussions, if any, would befall the banking firm or the resigning exec. 
This attack on Goldman Sachs from resigning exec is astonishing. The damage to the firm could be pretty serious nyti.ms/A0NEnp
Stop what you're doing and read this spectacular resignation letter. What will the consequences be for Goldman Sachs? nyti.ms/xt5H5D
"NYTimes: Why I Am Leaving Goldman Sachs": would love to be a fly on the wall at his office today.... nyti.ms/whxcS0
Smith wrote that the investment firm had swapped its old culture of making money for its clients for its existing one where making money off its clients is the priority.
He blames chief executive Lloyd Blankfein (pictured below), and president, Gary Cohn, for masterminding the change.In a statement, Goldman Sachs said it disagreed with Smith's review.
"In our view, we will only be successful if our clients are successful," said the statement. "This fundamental truth lies at the heart of how we conduct ourselves."
Other users were not surprised by the allegations made in Smith's letter, and less than impressed by its author.
There's something gross about a multimillionaire announcing he's discovered his conscience in the New York Times nyti.ms/wl80wo
Are people REALLY surprised by the corporate culture of Goldman Sachs? Really? After taking 12.9 billion in bailout? nytimes.com/2012/03/14/opi…
Finally some truth about these big firms..we already kinda knew nytimes.com/2012/03/14/opi…- But some users noted the courage to openly resign and slam the Wall Street titan.
This is one of the bravest things I have ever read- "Why I Am Leaving Goldman Sachs" nyti.ms/xqbIA0 via @nytimes
It's refreshing to learn that ethics are still of primary importance to some industry leaders; esp. in high finance. nyti.ms/yHKJKS- Still, others saw an opportunity for humour, mocking the resignation letter with parodies.A parody appeared in the satirical website The Daily Mash, written by Darth Vader.
Why I am leaving the Empire, by Darth VaderTODAY is my last day at the Empire. After almost 12 years, first as a summer intern, then in the Death Star and now in London, I believe ...- The satirical website Borowitz Report wrote a letter to Goldman Sachs clients on behalf of its chair. The letter quipped that Ugandan warload Joseph Kony would replace Smith as his successor.
A Response from Goldman Sachs « Borowitz ReportNEW YORK (The Borowitz Report) - The following letter to Goldman Sachs' worldwide clients was issued today by Goldman Sachs CEO Lloyd Bla...- But the prevailing takeaway was the "muppet" reference.
- Goldman Sachs - Making a muppet out of you is our business. New ad campaign twitpic.com/8w5hd4
