Two recent events spurred Thomas Fox to write about ethics today instead of his usual topic of corporate compliance.
On March 14, Greg Smith, former executive director and head of Goldman Sachs’ United States equity derivatives business in Europe, the Middle East and Africa, resigned publically with an editorial in The New York Times. What made Greg Smith so morally aware so that he actually quit and “blew the whistle” on Goldman Sachs’ corporate [...]
The March 14 resignation announcement by Goldman Sachs’ executive Greg Smith is already being widely discussed as an indictment of the business practices of Wall Street in general and Goldman Sachs in particular. Good. Just as the outgoing tide of recession and financial catastrophe exposed underlying problems, the rising tide of stock prices and Wall Street profits hides them.