Monday, October 22, 2012
Goldman Sachs has been suffering for several years from bad publicity. This interview and the book from which it comes don't help. It does little good that Goldman Sachs has portrayed the author as an egomaniac with outsized ambitions. Who will the public believe? Large financial firms today are looked upon as monsters who have ruined the economies of several nations. While this isn't true, it has some basis in fact, enough to paint the industry black. So, even if Goldman Sachs is right about Greg Smith, there is nothing the company can say to offset the perception that it is smearing him. Only time will tell whether Smith is as self-dealing as the company has alleged. It is better for Goldman Sachs to remain quiet and to endure the criticism for the time being, as much as it hurts.