Lynn Parramore - The Public Trial of Goldman Sachs
March 21, 2012 Goldman Sachs is having a bad PR moment. Very bad. And you can bet that the investment banking giant is right now tapping its vast resources to counter the tide. The frenzy centers on an entry and an exit.
Entering: Jeffrey Verschleiser, former Bear Stearns executive and emblem of Wall Street excess and corruption, who will join Goldman as global head of mortgage trading.
Exiting: Greg Smith, executive director of Goldman Sachs’ U.S. equity derivatives business in Europe, the Middle East and Africa, who has resigned in protest of the company’s culture of toxic greed and published his reasons in a New York Times op ed.
This tale of coming and going, and the public reaction, speaks volumes of the power of Goldman Sachs and the public rage over its ethical lapses. Which will speak louder? The answer will serve as a barometer to how far America has come in challenging a destructive financial system.
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