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Goldman Sachs Insider Resigns, Reveals "Toxic' Culture In Which Managers Called Clients "Muppets'

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Last year, Goldman Sachs faced a significant amount of heat when internal emails -- in which, bankers described a financial product they sold to clients as a "shitty deal" -- became public. Goldman trader Fabrice "Fabulous Fab" Tourre became the face of a bank that cared more about its own internal trading profits than serving the needs of its clients, as shown by an email of his stating that he didn't even understand the "monstrosities" he was peddling.
In today's New York Times, Goldman Sachs executive director Greg Smith confirmed this characterization of the bank, writing that he resigned from Goldman due to its "toxic and destructive" environment which included managing directors referring to their own clients as "muppets":

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