What Greg Smith said in his resignation letter about GS is not a surprise, is it?
How many of you were ‘surprised’ at the tone or the content of that letter? Not sure how this is as a career move for him, but I guess it will work. He will be snapped up by many of the ‘wealth’ management boutiques, and they will flaunt him as the new ‘conscience of the financial services world’…hmmm not surprising is it.
The learning in India is different. How many people have the guts to take on a big Indian company in the financial services?
There are sharks, crocodiles, tigers, panthers in the Indian financial jungles and the victims do not live to tell the tale.
How many Indian executives dare write a letter like Greg did? Do Indian companies not rip off clients? I know one big Indian company which does not deal with its OWN financial arm because they ripped off the company in some deals in the 1980s. Even after 30 years the names do not come out. Are all clients ripped off? No, the big ones are not. At least not openly. There are some clients who can trample you. Or worse, tell your MD and have you sacked. I know banks who will charge a much much interest rate to the CEO of a finance company…..so that some business could be diverted. Amazing stories inside, BUT NONE, NOT EVEN ONE has come out – well not “OP..ED” at least!!
There are finance companies / banks which have told the client ‘3% charges’ and have changed it to 3% p.a. ONLY AND ONLY if the client’s finance head understood what was being said 🙂 . In some cases the difference was passed on to the finance head. Has anybody complained? Will he? does he have the guts? Whistleblowers are killed. Simple.
I know the case where an arm of a big brand was doing something wrong. One of the kids working there wanted to tell the Group Chairman about it. Poor kid was idealistic. I took him to a friend who knew the chairman – he said ‘just shut up and move on’. The messenger is usually shot. He did move on and did not squeal.
Greg may have said it after collecting salaries (and huge GS bonuses) for 12 years. Indian managers do not.
Indian environment does not entertain ‘mischief mongers’. God bless.
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