I would be proud to call this man my friend. It is nice to know there are still some people in the financial arena who can maintain an ethical backbone. Thank you Greg Smith for your integrity.
zezuxeef You mean, Islamic links like these, by actual Islamic sheiks, imams, and Muslim scholars?? Islam: how to Beat Your Wife Taliban Muslims chops off nose, ears of 19-year-old Bibi Aisha for "shaming" her in-laws IRAN EXECUTES GAYS (VIEWER DISCRETION IS ADVISED) Ruling on french kissing the wife while fasting www.islam-watch.org/authors/138-jake-neuman/1019-muhammad-existed-or-not-allah-is-certainly-a-fraudulent-creation.html www.answering-islam.org/Authors/Wood/pedophile.htm Burka Why do Muslims eat Halal - Unbelievable Why women should not convert to Islam - Ex-Muslim Woman. Ann Barnhardt - Female Genital Mutilation in Islamic culture (WARNING: GRAPHIC NSFW) (7 of 13) Dolls for little girls RE : Innocence of Muslims Full Movie - Prophet Mohammed Biography must see ! HOW MOST MUSLIMS TREAT A WOMAN Kurdish girl stoned to death because she falls in love with a sunni muslim The Prophet of Atrocity - Baby Brainwash unsettledchristianity.com/2008/12/textual-criticism-and-the-quran-muhammad-was-a-fraud/ www.muhammadanism.org/Muhammad/Ripped_Apart.htm wikiislam.net/wiki/List_of_Killings_Ordered_or_Supported_by_Muhammad IRAN EXECUTES GAYS (VIEWER DISCRETION IS ADVISED) Malala Yousafzai, 16, and Her Miraculous Story of Surviving Being Shot by the Taliban www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CEAQFjAC&url=http%3A%2F%2Fwww.answeringmuslims.com%2F2013%2F10%2Fwas-muhammad-pedophile.html&ei=-FkqU9GjIOfD0AHZsYH4Ag&usg=AFQjCNFxu2avR8q2dh2AfJLL47b2T2oO3g&sig2=iNFwSp4oW6wmg7f7VgLFPg&bvm=bv.62922401,d.dmQ
Of course it has to be a number of years before he realised what he's doing is ripping off people of their money and savings. Its hard to do that if you joined to make a good salary and at the top position. He has courage and honesty and reasoning capabilities to change and adapt to being a real teacher and guide for other people.. Hahaha I smoked too much!
No one else would hire this weasel. He's the type to never tell you your faults and then one day pay to have a sky writer tell the world instead out of the blue. A snake.
I worked at Goldman Sachs 20 years ago and saw this back then, they claim to be full of “Integrity” and “Value” but the people at top are enriching themselves at the expense of most people
I worked in the brokerage and banking department at Merrill Lynch and have dealt with multimillion dollar clients who have called me and literally cried because the financial advisor steals all their money in a legal way and they can't get it back. I see the issue but I can't do anything about it....so sad
lol ok wana go tell the poor people now that the reason they no longer can have a house is because of people like you who lied about stock figures to "steal all their money" to get bigger and better bonus's
There’s always a high price to pay for integrity and very few are willing to pay it. But the return to one’s sense of self respect and honesty far outweighs anything that might’ve been lost.
Because, imo, CNN has become a cult of Op-Ed personalities pretending to be journalists and self-promotion is encouraged and rewarded and interviews are edited, I'd guess, to favor the interviewer.
Because it’s all about them. Goldman was a better firm before they were transformed by the partnership change in the 1980s. The firm was a bastion of ethics in the 1950-1970s and I really mean that.
A friend of mine in Australia got a job at one of Australia’s big four banks. On his first day during an induction course he was told in no uncertain terms that “ we are not here to make money for our clients, we are here to make money for the bank”. This is the standard mantra throughout all the banking industry. They are predators.
the client is there to make money for themselves, the bank is there to make money for themselves. everyone looks to their own interest, there's nothing predatory about that.
@@therewill1584 but legal and ethical conducts must be followed. But in Real world that doesnt aleays happen and what people must do is to get financial education
He wasnt actually an executive, he was a “VP”, the title given to over 1/4 of Goldman Sach’s employee for senior level employees. Goldman gave that title to them because it sounded a lot better for clients that a “VP” was managing their assets instead of some senior level 30-year old.
@@NotGahruvey not sure about Greg's specific division , but for investment bankers at Goldman the starting salary is about 140k, going up by another 100-150k every 3 or so years going from analyst -> associate -> vice president. After that comes Managing Director and at that point (about 12-15 years into your career) you're pocketing a couple millions every year, but to get there you basically have to be the best at your job and also work 80-100 hours a week for the first 6 years.
Hire him for SEC or become a lawyer for SEC! Or something similar. Glad to know there are people with integrity at the top. Even IF they leave. He is doing the right thing. Unfortunately people who do this are regarded, but then discarded. Its sad. PS anderson is jaded and it really shows in the interview.
PiranhaJaw22 He must have been in IBD or Merchant Banking. Sec Div (which is the division I and the person who resigned worked in) has better hours, generally in line with market hours, though pays less on the whole.
Harry Smith Oh yeah ofc; I only spent about a year and a half there as an analyst myself. You’re also right about VPs moving; not many VPs become MDs anyway (esp at GS) so they tend to get frustrated and either move to another company or leave the industry.
My wife worked for a large investment bank for ten years. She worked her way up to managing director, she made an insane amount of money. She worked at least 90 hours a week, traveled all over the world for them, thenthey fired her. They did her a favor as her job was slowly killing her and us. She is now is a consultant and works from home, works less than half the hours, walks the dog, never misses our kids games, takes care of herself. Wall Street is brutal.
@Harry Smith She is an extremely hard worker who worked her way up, even though she was not trying to make MD. It was only sorta terrible before she made MD then her boss left and the ceiling fell.
The golden recipe of investing business these days is: to take the most sophisticated products and try to sell them to the least sophisticated clients. Before it was called swindle now it is the quickest way to make money on Wall Street.
Andrey Boyd and Trump has recently ripped up Obama administration legislation that says a stock broker has to do what is best for his clients. Now they can legally dupe people.
Andrey Boyd I’d be hard-pressed to find an industry that doesn’t do this. If a company has a product to sell, they are going to do what they have to do to move it. Buyer beware.
And then get a bailout when you’re still holding so much crappy product you couldn’t sell to others who would’ve had to actually eat the losses, and then use the bail out money to pay big bonuses
Bankers are smart, but their greed exceeds their intelligence. Never invest a dime with them long term. They will crash and then get bailed out, nobody ends up in jail.
stealing a pack of hotdogs to feed your family can get you 5 years behind bars - stealing millions of dollars from customers through deceitful banking deals gets your bank fined (no jail time for anyone, if caught), which amounts to nothing, and you a huge bonus... Wallstreet a place where thieves can commit crimes with impunity.
This intelligent man with a pure heart knew what was coming and he was right. I bet today he is doing something that is a service to others rather than service to self. ❤Bless him and his family.❤
I like how they explicitly make the point to say that GS has not committed any fraud from a legal stand point. Stealing people's retirement funds with fees/financial instruments they cannot understand is not a punishable fraud.
@@gabrielmondragon6308 yes it is. But you're not answering WHY is the sky blue or why are all successful people coming out of a predominantly black country white?
Fuck you Anderson Cooper is a walking piece of cooperate filth. Just because one pile of shit is smellier than the other, it doesn't make the first shit smell any better.
The Bible is misquoted by many as saying that money is the root of all evil. But it actually says "the LOVE of money is the root of all evils". When people value money more than anything ethical, it becomes a problem. I'm kinda glad I'm not wealthy by most peoples standards. The are very generous wealthy people, no doubt, but my guess is that they are in the minority. But in my mind, intentionally ripping someone off is equivalent to selling your soul. Read George Washington's farewell address to the nation. Its astounding. Just my two cents.
Bobbo Morgan OK many of the others are either copying errors that doesn't change the meaning of the verse chapter or book. Others are misunderstanding of by you some mistranlations and some by a simplistic understanding due to reading out of context. Why would you take these examples at face value without understanding the translation or the verse in context? It's like when atheist say I don't believe in an old man living in the sky who sent himself to earth so he can be killed for the sin of another man. Well most don't believe this either. It's wrong theologically.
7:58 untrue. Goldman pushed a huge amount of subprime mortgage derivatives. They just didn't hold it on their own balance sheet. Doesn't mean they didn't contribute. How could he say such a thing?
It is so sad that these bank and investment companies get away ripping off people while a person who perhaps stole a piece of bread because he was hungry goes to prison, no injustice.
Goldman Sachs will never fail. It's largest client is Philip Morris, representing over 13% of gross and nearly 60% of pretax income. They wouldn't hire me because I went to New York University. So I bankrupted them. Today they hire from NYU, not because of me but because students from Harvard do not want to work for them anymore.
He is alive. That is saying a lot. If he would have given notice, he would have been in the hands of assassins. Maybe its not over for him or his family. May he and his be protected, by our Creator and His everloving angels.
Moral of the story...there is NO such thing as honesty, loyalty, or integrity when other people are dealing with YOUR own money/assets and especially massive corporations/financial institutions.
"VP" at investment banks is not a VP at any other company. There are over 12,000 "vice presdients" working at goldman. The VP you'd think about is the C suite officers that get paid over $10 million at goldman sachs
11:47 the fact that Greg is a disgruntled employee does not invalidate his testimony, especially that the practices he admitted to, were widely known and discussed before he came out. Frankly - the fact alone, that his book and testimony is that widely publicised signifies that GS came out of favour and needed bringing to heel (something like DSK affair).
Only the most naive would consider Goldman Sachs to be "trustworthy". What a laugh! They helped Greece cook the books to get into the European Union. How can institutional investors be this ignorant and trusting. Remember: be skeptical of experts.
They get the job they got hired to do done. That creates track record, trust. Now regarding the Greek matter.... Name 1 country that didnt "window dressed" their books to create fiscal eligibility required for the Euro-zone. Deutschebank already got bailed out 3x. 1 via the irish bail-in, 2 by Greek PSI, 3 from a direct bail out from the german tax payers in 2006. P.s. i am geeek by the way 😎
Vulture culture...targeting pension funds & philanthropies. Ethical Wall Street is an oxymoron. Half a million dollars at 33 isn't doing too badly...he probably wasn't willing to work on the shady derivatives.
I know of friends and acquaintances whom have worked for Goldman Sachs, and they too reiterated the same concerns of Greg Smith. Frank's statement almost caused me to fall off my chair. "......if every bank was like Goldman we would not have had a crises" really? So the bank that caused the Greek Crises is better than other banks. This is the same bank that found out about mass defaults before every other bank and sold them off high risk securities to unsuspecting clients is an angel amongst the rest of wall street banks. HA!
7:30 I'm lmao at how they said they'll read his book first then they'll comment. Obviously it's only so they can prepare to negate everything he's saying. Damn, they really are savages.
Investing what people are accusing them of before defending themselves, now that is some real strategy, i understand why those guys come from top schools
they wanted to know just how much they would have to reveal and spin the narrative to avoid other issues. They likely have multiple moral shortcomings on larger scales that he was unaware of.
I believe that Greg just protested against his bad odds in the firm by not getting what he wanted and at the same time victimizing himself for things he heard and had nothing to do with. Money moves people and so it did to Greg.
Because finance is an important part of the economy. Personally, I'm convinced that finance doesn't have to be toxic. It's a shame that it always seems to be tho