I talked about investment banker Greg Smith’s Op-Ed in New York Times that was a pretty shocking story in the world of finance. Now there are actually seven B-School students that currently attend Harvard Business School who previously worked at Goldman Sachs that shared their opinions on Greg Smith’s piece.
This was a very interesting read in The Harbus which is a go-to newspaper of the community at HBS. Not only did the article give everyone a good understanding of what goes on in an investment bank like Goldman Sachs, but also Wall Street in general. However, one must not be quick to pass judgment as there were also some students who felt that the assessment by Smith was unfair and there are ‘good apples’ at Goldman too.
Obviously, finance is full of people with big egos who also are extremely smart and great at what they do. It is pretty well known that Goldman Sachs and its employees are long term greedy and so all the piece on The Harbus did was to confirm what most people perceive to be true about Wall Street and investment firms like Goldman Sachs.
I know that Goldman is making a ton of money of its clients and is not really working a 100 percent for its clients’ interests. But then again I have no issue with that because the investment bank is a huge source of information and has consistently delivered value to its clients. I believe in the free market and if GS is making obscene profits by exploiting clients then the market will correct itself in due course.
But, I guess it could be argued that firms like Goldman are built on social connections and relationships which can distort the whole idea of a free market. Nonetheless, the whole Greg Smith fiasco will definitely be a good insight into the culture at Goldman Sachs.