One thing we should understand about former Goldman Sachs employee Greg Smith who has achieved notoriety for his resignation letter attempting to destroy his former employer’s already shaky reputation.
GS is not known as the “Vampire Squid” for nothing and its reputation is certainly not as good as it once was.
However, Mr Smith is only a “vice-president” and apart from his 15 minutes of fame, will have achieved nothing.
Criticism from a VICE PRESIDENT, though!! The title sounds VERY impressive to British ears.
American companies dish out vice-presidencies as generously as the US Military dishes out Purple Hearts. There are thousands and thousands of “vice-presidents” working for American corporations. VP is a corporate title and is only a couple of levels above clerk. Below the vice-president is the “Resident Vice-President” or something very similar. Above that, we have the Senior Vice-President, then the Executive Vice President. The title means nothing except an indication of your pay-grade. A Number Two or Number Three in Human Resources can have the title “vice-president”. It means nothing.
So , Goldman Sachs has been criticised by a lowly grade (the LOWEST grade at GS). To them, it’s a bit like being assaulted with a feather. Certainly a featherweight.
Nevertheless, THIS is worth a read!!