FORMER SEC CHAIRMAN: Goldman Should Stop Saying It Puts Customers First Because Nobody Really Puts Customers First

Arthur Levitt

Photo: BloombergTV screenshot

In the wake of the infamous Greg Smith op-ed, former SEC Chairman Arthur Levitt, who serves as a senior policy advisor for Goldman Sachs, told Bloomberg TV’s Erik Schatzker on “Inside Track” that Goldman should stop saying it puts customers first because no one really puts customers first.”You know enough about the media to know that when a story like this percolates and a Greg Smith comes up — and he comes up not just here but in Credit Suisse and Morgan Stanley — it raises to a level that’s beyond its merits. Greg Smith was there for a number of years – why did he surface just recently? I don’t think that determines the fate of the company. I personally believe that something that’s awfully important — we talk about putting customers first — I think we probably ought to stop saying that. Nobody really puts customers first. Business is a tension between sellers and buyers. That tension always exists.”

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