Departing Goldman banker slams "rip-off" culture

LONDON/NEW YORK (Reuters) - Goldman Sachs faced an unprecedented assault from one of its own on Wednesday after a banker published a withering resignation letter in the New York Times, calling the Wall Street titan a "toxic" place where managing directors referred to their own clients as "muppets."

Goldman Sachs faced an unprecedented assault from one of its own on Wednesday after a banker published a withering resignation letter in the New York Times, calling the Wall Street titan a "toxic" ...

LONDON (Reuters) - A Goldman Sachs banker has launched a withering attack on the bank in a newspaper column announcing his resignation, saying that several managing directors at the Wall Street firm had referred to their own clients as "muppets". In an opinion column for Wednesday's New York Times, Greg Smith, who worked in equity derivatives, said Goldman had become "as toxic and destructive as I have ever seen it". Goldman Sachs issued a short statement in response: "We disagree with the views expressed, which we don't think reflect the way we run our business. ...

LONDON (Reuters) - A Goldman Sachs banker has launched a withering attack on the bank in a newspaper column announcing his resignation, saying that several managing directors at the Wall Street firm had referred to their own clients as "muppets".

(Reuters) - Goldman Sachs Group Inc's internal probe of allegations by former employee Greg Smith, who called the Wall Street titan a "toxic" place where managing directors referred to their own clients as "muppets," has found little substance to back them, the Financial Times reported on Wednesday. Smith, a former London-based Goldman executive, condemned the powerful investment bank in a scathing New York Times opinion column in March. In British slang, muppet is a term for a stupid person. ...

WASHINGTON (Reuters) - The Goldman Sachs resignation letter heard around the world has increased pressure on U.S. regulators to quickly put in place a tough version of the Volcker rule, that forces Wall Street to stop betting aggressively for its own bottom line. Greg Smith became an overnight sensation when the Goldman banker published a withering resignation letter in the New York Times on Wednesday. Smith described his former employer as a toxic Wall Street factory that only thinks about making money, mocking clients by referring to them as "muppets. ...

An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its "moral fiber" and said managing directors there referred to clients as "muppets."