Photo: via 60 Minutes
On the eve of Greg Smith’s book release, everybody and their mother seems to be taking part in the bashing of the former Goldman Sachs VP. We even dubbed the tell-all book as Goldman Sachs’ best PR coup in history. Yet Gawker’s Hamilton Nolan went against the grain. His column, “In defence of Being Outraged by Things that Everyone Already Knows” takes the newly-anointed conventional wisdom to task.
He argues that Wall Street critics, in jumping on Greg Smith for not bringing anything new to the table, are missing the intention of his very public resignation in the first place.
“I would simply like to assert that, no matter whether or not you believe Greg Smith is a hero or an opportunist, he did what we would all hope that our own banker would do: he spoke out publicly about something that was wrong.”
“The fact that his charges are old news to the Wall Street people, the bankers, the financially savvy, and the media figures that cover them is not an indictment of Greg Smith. It is an indictment of everyone who accepted rapacious amorality as the natural order of things.”
The “rapacious amorality” Nolan refers to is Goldman’s alleged ripping off of clients who are supposed to “come first” according to the firm’s busines principles.
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