|New York Times|
"Apparently, when Greg Smith arrived at Goldman Sachs Group Inc. (GS) almost 12 years ago, the legendary investment firm was something like the Make-A-Wish Foundation -- existing only to bring light and peace and happiness to the world."Sure, everyone needs to make money. But I think there were two important points Smith was trying to get across:
1. To make money you must have happy customers who keep coming back. This is a cultural choice that companies make. I wrote a blog a while back when IBM turned 100. The killer quote was:
"I believe that if an organization is to meet the challenges of a changing world, it must be prepared to change everything about itself, except its beliefs." - Thomas Watson, Jr.His point to the Goldman Board was that the culture needed to be redirected back to the basics that had made them successful for 143 years.
2. He personally was not comfortable with the culture. Good for him in choosing to leave.