Wednesday, October 24, 2012
Wall Street back in business, but unreformed
Greg Smith, a former Goldman Sachs employee who quit the firm and is releasing a tell-all book, says financiers at the investment bank often took the most sophisticated instruments and sold them to the least sophisticated client - the quickest way to earn money. Such reckless profit-seeking was a key factor behind the crash that blew through the US and the world's banks in 2008. But there's little indication that bad behavior has been drummed out of the industry, four years on. Other former bankers say new recruits need to have ethics ingrained from the beginning of their careers, but few in the industry or government seem willing to force it. Al Jazeera's Scott Heidler reports from New York City.
Posted by The Progressive Rambler at 11:19 AM