We’ve all fantasized about quitting our jobs in dramatic fashion, but Greg Smith may be the first person to ever do it via an op-ed in the New York Times. Smith left his job as an executive director and derivatives trader at Goldman Sachs in March, but didn’t go quietly. Instead, he wrote a scathing review of the culture at his former firm titled, “Why I Am Leaving Goldman Sachs.” In it, he describes an atmosphere in which employees were encouraged to rip off and mislead clients (whom he claims were derogatorily referred to as “muppets”) as long as it meant higher profits for Goldman. Though the piece was criticized by many in the financial press as inflammatory and evidence of naiveté on Smith’s part, the episode was another in a series of black marks the company has suffered over the past couple of years.
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10. Goldman Sachs’ Muppetgate
Full List
Top 10 Business Blunders
- 10. Goldman Sachs’ Muppetgate
- 9. Walmart’s Mexican Bribery Scandal
- 8. Apple and Book Publishers Collude to Raise E-Book Prices
- 7. The Chesapeake Energy Corporate-Governance Scandal
- 6. Never-Ending European Debt Crisis
- 5. Apple Drops Google Maps from the iPhone
- 4. JPMorgan’s $9 Billion Trading Loss
- 3. Standard Chartered Fined for Money Laundering
- 2. Facebook IPO
- 1. LIBOR Rate-Rigging Scandal
Top 10 Business Deals
- 10. Apple Drops Google Maps
- 9. Softbank Buys 70% Stake in Sprint Nextel
- 8. Yahoo Hires Marissa Mayer as Its New CEO
- 7. President Obama and a Republican Congress Pass the JOBS Act
- 6. Apple and HTC’s Landmark Patent Agreement
- 5. T-Mobile Acquires MetroPCS
- 4. Facebook Buys Instagram for $1 Billion
- 3. $25 Billion Mortgage-Fraud Settlement
- 2. Yahoo Sells Half of Stake in Alibaba
- 1. Yelp IPO
Top 10 Recession and Budget Trends
- 10. Fast Food Goes Gourmet
- 9. Travel Fees Aren’t Just at the Airport Anymore
- 8. Small Cars Are the Next Big Thing
- 7. The Rise of the Irrational Consumer
- 6. Gas Prices Hit Record Highs — Again
- 5. More Americans Are Unbanked
- 4. Student Debt Surpasses Credit-Card Debt
- 3. Retailers Hit Back at ‘Showrooming’
- 2. U.S. Consumers Shed Debt — Then Start Taking It On Again
- 1. The Real Estate Market Finally Hits Bottom
Top 10 Commercials
- 10. Round Up Your Mates for a Guinness
- 9. The Guardian’s Three Little Pigs
- 8. This is SportsCenter – John Clayton
- 7. BGH’s Dads in Briefs Campaign
- 6. Will Ferrell for Old Milwaukee
- 5. DirecTV’s “Don’t Wake Up in a Roadside Ditch” Campaign
- 4. Procter & Gamble’s “Thank You Mom”
- 3. Lena Dunham’s “Your First Time”
- 2. Samsung’s “Next Big Thing”
- 1. Clint Eastwood’s Chrysler Super Bowl Ad