The Issue: Exec Greg Smith’s resignation from Goldman Sachs and his criticism of the company.
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Terry Keenan spotlights what many are thinking after reading Greg Smith’s op-ed — that Goldman Sachs’ reputation has been severely compromised, not only by its actions but also by the company it keeps and its apparent lack of respect for clients and shareholders (“Perception of Goldman Is Company You Keep,” March 18).
This is a dangerous position for any business, especially one entrusted with vast sums of client money.
Hopefully, Goldman Sachs will use this firestorm as an opportunity to get its arms around its public-trust and reputation issues.
That effort can begin with honest and transparent communication to its employees, shareholders and the public about the firm’s practices and the beneficial role it ought to have in and on behalf of society.
Gerard Corbett
Manhattan
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I am certainly not surprised by Smith’s revelations.
I went to work on Wall Street in 1969 and was instilled with a culture of ethics and honesty that came from the highest levels of the firm.
Meetings were always about: Is it legal? Is it good for our clients? And is it ethical?
Later in my career, the meeting became focused on: How can we circumvent the laws? Who can we foist the products on? And how much money can we make?
That culture of the next generation was my biggest motivation to retire in 2002.
Dwight Zeller
Oldwick, NJ
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Since the financial meltdown on Wall Street, followed by historically low interest rates, companies have been cannibalizing clients through fraud, breaches of fiduciary duty, unauthorized trading and unsuitable investments.
Then comes Smith, a whistle-blower whose screed should really be praised. Maybe Smith humiliated friends, mentors, colleagues and some clients, but, in so doing, he made a case for the rest of us.
Nelson Smilow
Brooklyn