"I can honestly say that the environment now is as toxic and destructive as I have ever seen it."

"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," sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God's work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don't know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client's goals? Absolutely. Every day, in fact."

~ Greg Smith

Why I am leaving Goldman Sachs

~ Greg Smith

President Gary Cohn 

In his op-ed, Smith said Goldman's culture had changed from one that "revolved around teamwork, integrity, a spirit of humility and always doing right by our clients" to one where mistreating clients for profit had become standard, creating a "toxic and destructive" environment. He blamed Blankfein and President Gary Cohn for fostering the supposed changes he described.

Goldman Sachs on muppet alert

http://article.wn.com/view/2012/03/22/Goldman_Sachs_on_muppet_alert/