Did Goldman Sachs Forget Obliquity?

My memory fails me in nailing where I read this comment but in discussions about Goldman Sachs, many people I know refer to the firm as the indisputable creator of millionaires every year. Being this great millionaire creation machine, it is clear that the professionals in there work extremely hard and provide value to their clients in order to retain them. And yet since the publication of this article in the NYT by an executive in the firm, the reputation of this firm stands in the balance. 

Greg Smith is without doubt an accomplished person and probably a millionaire as well but chose to state clearly why he felt that he cannot continue to work in the firm. His claims have understandably been denied by the firm but it is also clear that dispassionate commentaries should consider that he left on his own terms and is therefore unlikely to be an employees lashing back because of dismissal for poor performance.  The letter is clear that the ethos of the firm has changed from being marginally helpful to clients to the direct pursuit of opportunities to bill clients. That the letter specifically mentions the president and the CEO as particularly responsible for the sharp turn towards making money by all means and leaving clients to their own devices is telling. 

I am unsure that this state of affairs is merely about "moral bankruptcy" or obsession with billing clients only. I think that Goldman Sachs is far too large, influential and remains highly regarded by its clients probably too loyal to be damaged severely by George Smith's claim. That notwithstanding, it is still a measure of deep failure on the part of Goldman Sachs that a twelve year blameless staffer leaves with the thinking that the firm is lying to its client and providing professional services of dubious value. In my book, that is failure and this firm ought to get its executives to think seriously about what its very highly selected and capable workers think about it. Remember that the its external critics may be envious or ignorants but Greg Smith clearly falls in a different category. 

And my advise to Goldman Sachs' leadership: Please find this book and read it thoroughly. That expenditure will not be wasted. In addition, it is best for the firm's employees to learn some etiquette because denigrating clients by use of rude names is not classy.