Resigning Goldman Sachs executive says Maccabiah medal makes him prouder


A Goldman Sachs executive is resigning, writing in a New York Times Op-Ed that he was more proud of winning a medal in the Maccabiah Games than his work at the firm.

Greg Smith called the environment at the embattled investment banking and securities firm “as toxic and destructive as I have ever seen it,” in his Op-Ed, published Wednesday.

Smith charges that “the interests of the client continue to be sidelined in the way the firm operates and thinks about making money,” adding that “The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.”

Smith has spent the last 12 years at the firm and has been involved in recruiting and mentoring new employees.

Smith also asserts that Goldman Sachs Chief Executive Officer Lloyd C. Blankfein, and President, Gary D. Cohn “lost hold” of the firm’s culture of “teamwork, integrity, a spirit of humility, and always doing right by our clients,” adding that “I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.”

Smith called winning a bronze medal for table tennis at the Maccabiah Games in Israel one of the proudest moments in his life, along with getting a full scholarship to go from South Africa to Stanford University and being selected as a Rhodes Scholar national finalist.