Thursday, March 29, 2012
Blog 9
I would like to comment on Greg Smith's resignation letter. Smith made the right decision by resigning from the company because his morals were violated. It takes a brave person to do such a thing in tough economic times. According to his letter, Goldman Sachs does not put the client first anymore as it once did. It was the culture that was so meaningful for Smith. He did not like the fact that the company was all about money and not about the client. The client does come first in a business because without clients, there would be no business and money.
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Assuming what Greg Smith said is true, I completely agree with you; he should be commended. What worries me is that Goldman Sachs has denied his allegations, and I'm not sure there's any way for us to figure out which side of the story is true. (I'm personally inclined to believe Smith.) I want more lucidity in the marketplace. I don't want executives to be able to hide anything. But how can we accomplish this?
ReplyDeleteI think there is no way to totally get rid of shady executive behavior. However, a great way to start is to look at Smith as a role model and keep blowing the whistle on unethical behavior. We should all be as brave!
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