It's not easy being mean: Ex-Goldman exec pens the "muppet manifesto"
In a blistering op-ed this week in The New York Times explaining why he was quitting Goldman Sachs (GS), derivatives trader Greg Smith said the investment bank focuses excessively on profits, not thinking about the welfare of it clients. "People who care only about making money will not sustain [Goldman] -- or the trust of its clients -- for very much longer," Smith writes, noting that senior executives at the firm commonly refer to customers as "muppets." So what else is new, some Wall Street critics ask? Still, the critique represents another public relations flap for a bank whose role in the financial crisis, along with that of other big banks, has made it an emblem of corporate corruption.