The Goldman Resignation Has Stirred Up Wall Street

The public resignation that was published by the NYT has stirred up debate about investment banks. The PR reaction by Goldman has been predictable. The CEO denies the charges and the motivations of an employee who only has a salary of $500,000 is questioned as well. He must be a disgruntled employee if that is all that he earns. Goldman will still be able to recruit bright graduates who could be doing more economically valuable work, and few will leave Goldman even if they agree with accusations. They accept the culture as it was described, and they have become dependent upon their large paychecks. The biggest problem that it creates for Goldman and other investment banks is the effect that it might have on their lobbying to neuter the Dodd-Frank reform bill and the Consumer Protection Agency.