The explosive Goldman post

I guess the talk of the town today is Greg Smith and his explosive op-ed on why he is leaving Goldman after an entire career of working there. He says he is leaving because he can no longer say the firm puts clients interest ahead of theirs. He says it has become a toxic company where making money by hook or crook is the most important and not looking out for your clients. How is it possible, he questions, that a company can survive such an attitude in the long run? If your clients don't trust you, no matter how smart you are, in the end you will have no business.

I applaud the man's guts - I don't know whether he is right or wrong in his assessment of the company but he's got some balls coming out and saying all the things he has. The company, of course, quickly refuted his claims saying they would never lose sight of their vision which ultimately is their clients, blah blah blah. Basically the idea here will be to portray Mr. Smith an aggrieved employee which would then justify his nonsensical rant.

But deep down inside we all know its not nonsensical. Despite being one of the top firms on Wall Street, we expect this level of culture associated with it. I mean, how else can you make surplus profits year after year when the economy is going down the tubes? I am not cynical, but this is probably a fair question - how many companies today have a culture that looks out for their clients? How many companies are not OBSESSED with only making money and who cares what happens to the clients mentality? I bet there are a handful, if at all.

I am sure on an ongoing, if not daily basis, we see this mentality at work with our companies - where everyday we come across decisions that are made only to fill the pockets of the CEOs and other C class executives and the plights of the clients are ignored. Heck, the plight of you and me is ignored. I agree with Mr. Smith that in the end you will not have business if you do not have your clients trust, but I also believe that in the end there will be no company if they do not care for their employees as well. While we understand the bottom line is important, an individual employee's bottom line is important as well. In the name of saving money, how many times have you not received a raise, commissions, bonus or anything else that was rightfully yours? And where do you think this money ends up? Not back into the business but with greedy owners who cannot part with one freaking cent!

In the name of bad economy, companies have continued to exploit their workforce, where the work load goes up by 2-3 times and companies continue to become lean. And since they have become so efficient at that, say good bye to any new employee or help that might help lighten that load.

While companies do need to change their attitude towards their clients, it is also imperative that companies change their mind set towards those who work for them. It cannot all come down to money in the end, I refuse to subscribe to it. Agreed money is important, very important but isn't conscience the most important?