I used to brag how I read everything I laid my hands on. Of late, I tend not to pick up too much, so have less to read. However, this Greg Smith resignation letter was interesting, even though I only kind of heard about it today, whilst reading the Business Times of last Sunday's Sunday Times!!! In case one of my regular 2 readers missed it as well, here is a link:-
Why I am Leaving Goldman Sachs
Why I found this very interesting was for various reasons, some of which are the following:-
a) I could replace the name Goldman Sachs with the name of my current employer - and it would be relevant!
b) Comments made on the article state that the gentleman has committed "Career suicide" - Maybe so, but if I was one of the big number clients he has dealt with, (trillions of dollars?) I would employ him as a personal consultant to ensure my money does not go through a vehicle like the one he has just outed! Methinks he can make more money doing consulting to these clients!
c) Some comments say he's running cause he's been sidelined (or statements to that fact - basically like I might be - leaving cause I have had a few bad years, and am getting pressure for it) - I don't agree.
So, the common denominator here for me is the fact that it's another USA company! Also, it sounds to me like they have lost the moral ground, and are driving "shareholder value"! This translates to - "The client is not important - what we deliver is irrelevant - lets just get the clients money!"
Ultimately, Rome did fall, and I believe, so will these type of businesses which add no value to the real world (making money for them that have money already does not count). You can only piss the working class off for so long, then you have a revolution, and get knocked off your pedestal. Then the vultures come in, and take out what they want / need - and the rest is left to rot in the sun - an unsavory warning and reminder to those who would still cross that path. I think there are many examples of this in history, and probably a lot of them in the past 5 years, where banks with their dubious business practices, and estate agents, insurance companies, and the like, have disappeared from the business world.
I'm not saying that everyone should do what Mr. Smith did, and go public with what could be construed as derogatory statements re is ex-employer, but I do think we have the right to expose what we believe to be poor business practices where relevant.
A comment in a column in the Business Times which I read ends with "Companies can not be judged by the personal opinions of one disgruntled employee", or something like that. That sounds like the type of comment you would expect from someone in a company, with position, who thinks that whatever business processes are implemented are OK, as long as the company makes money. Well, I disagree. There are honest ways of making money, with many beneficiaries (Buyer and seller, and Shareholder). Then there are business processes which benefit a few (Shareholders and Executive team). The former works all the time - the latter is another Rome - it will crash and burn.
If the writer does not think a company deserves to be outed (and lose a massive amount of market value at the same time) they need to keep everyone - including their staff - happy - ALL THE TIME.
From me - Mr. Greg Smith, well done.
If I had the financial resources to carry me for a few months without having to worry about money, I would also have left my current employer - not too sure if I would do a public statement on it - I probably would not make the kind of impact you have - But I sure would post it here!