When I saw the editorial in the New York Times that Greg Smith wrote about how the Goldman Sachs culture had changed for the worse in the 12 years he had worked there, I know it was going to make waves. The following day the front page of the NY Times carried the story. This means one person’s words still have power. More power than the US Governement with all its Security Commissions charged to investigate the culprits of the bank and investmnet crisis on Wall Street. The Commissions fined a few a little, put a few in court, arbitrated settlements. and called it quits.
Now investment clients are asking themselves, “How does this affect me and my savings? When an entire culture is focused on making mega bucks for the investment business, without regard for my needs or best interests, should I continue to place my money at their disposal?”
It’s time for integrity to arise again. Business without integrity will not survive. People learn.