Wall Street circles wagons with Greg Smith's Goldman Sachs resignation - By now, everyone knows the details about Greg Smith's open resignation letter from Goldman Sachs. I guess I shouldn't have been surprised by the response from those with connections to Wall Street, including Mayor Bloomberg. They not only defended Goldman Sachs, but did it with a such a level of veracity that it seemed they were told make such a defense. I guess I'll never get hired or do business with Goldman, by writing this blog.
"Come on, grow up - these firms aren't charities" - I heard this quote from a Wall Street professional on the radio this morning. Of course financial firms aren't charities - duh! I'm not picking on Goldman Sachs, but looking at the industry in its entirety. The question from this resignation letter is does the industry have a fiduciary responsibility to their investment clients? If not, should the fact they don't have such a fiduciary responsibility be disclosed in a better way to their clients. Or, do they at least have a responsibility to disclose to their investment clients that there are inherent conflicts with
