Goldman Traitor Greg Smith: Hero or Weasel?

Felix Salmon thinks Smith seems a bit too naive to believe
By Kevin Spak,  Newser Staff
Posted Mar 15, 2012 11:58 AM CDT
Goldman Traitor Greg Smith: Hero or Weasel?
Traders work in the Goldman Sachs booth on the floor of the New York Stock Exchange Thursday, March 15, 2012.   (AP Photo/Richard Drew)

(Newser) – Former Goldman Sachs executive Greg Smith certainly made a splash with his hit piece on his former employers, but Felix Salmon of Reuters is a wee bit suspicious of his motives. Yes, his points are valid; Goldman surely is bilking customers. But "it's much easier to see the disgruntled ex-employee here, quitting in a huff, than it is to see someone genuinely trying to do his part" to bring back the halcyon days before Goldman Sachs went public—a period Smith himself was barely there for.

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"There's a strong smell of faux-naïve coming from Smith's op-ed." Did he really rise through the ranks without making money off clients? "What’s missing is any sense of mea culpa." His next move will be telling: If it's to a regulatory agency, instead of a Goldman competitor, maybe we can take him seriously. Either way, Smith has declared a moral purpose here, "so I hope and trust that he’s going to spend the proceeds of his ill-gotten final bonus check in the service of that moral purpose." Click for Salmon's full column. (Read more Greg Smith stories.)

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