Why I Left Goldman Sachs

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On March 14, 2012, Greg Smith's Op-Ed in the New York Times, "Why I Am Leaving Goldman Sachs," captured the attention of over three million readers, triggering widespread discussion and debate. The piece resonated with the public's growing skepticism about Wall Street's role in society and the prevailing "take-the-money-and-run" mentality that contributed to the economic crisis. Smith's narrative begins in 2000 when he joins Goldman Sachs as an idealistic intern, embracing the firm's principle that clients' interests come first. As he rises through the ranks to become a sales trader, he experiences the highs and lows of the financial world, from the tech bubble to the real estate boom, and even encounters Warren Buffett during a critical moment for the firm. Smith vividly recounts how Goldman Sachs transformed from an institution that took iconic companies public into a "vampire squid" that viewed clients as "muppets," culminating in a record settlement with the SEC. He illustrates the industry's shift towards conflicts of interest and a profit-at-all-costs mentality, portraying Wall Street as a rigged game detrimental to the economy and society. After unsuccessful attempts to instigate change through discussions with partners, Smith realized that true reform could only come from an insider's public revelation. He ultimately chose to leave his career and share his story.