On March 14 of this year, Goldman Sachs executive Greg Smith stunned Wall Street with a public resignation letter, explaining why he could no longer work there. He described in detail the â??toxic and destructiveâ? corporate environment, saying the giant investment bank no longer deserves to be trusted, since clientsâ?? needs came second to Goldman profits.
Since the financial collapse of 2008, the collapse of confidence in Americaâ??s financial system has spread like a virus. According to the Chicago Booth/Kellogg School Financial Trust Index, only 23 percent of respondents in the most recent quarterly survey said they trust the financial system. Just 30 percent of respondents said they trusted banks, down nine percentage points from last June.
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