Goldman Sachs Resignation Letter Controversy

Banker publishes scathing piece about his Wall Street firm.
2:36 | 03/14/12

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Transcript for Goldman Sachs Resignation Letter Controversy
Extraordinary David and Goliath battle played out -- began with a -- rockets fired this morning in the New York Times by a vice president who called the culture Goldman Sachs. One of the giants of the center of that bailout his former employer toxic and destructive. Here's ABC's Dan Harris. It is a global alliance wielding close to it. Million dollars in producing treasury secretary's governor's news anchors even a prime minister. Since Goldman Sachs commander recently proclaiming -- Is no Goldman Sachs and -- we have the support. Of our clients who are the public. Today though Goliath -- -- David Nash gates headed Thirtysomething Rhodes scholar finalist turned trader named Greg Smith. Who turned on his employer using the media instead of a slingshot. Resigning in a blaze of glory he wrote an op Ed in the New York Times. Describing a culture of morally bankrupt people where clients are routinely referred to as Muppets. And sold products that are wrong for then. It makes me ill he wrote how callously people talk about ripping their clients off someone declines. It was Wall Street's Jerry Maguire moment reminiscent of the movie where this sports agent -- a manifesto. About an increasingly Solis business. It was -- -- I've always wanted to see for itself but -- -- crisis of confidence is of course infinitely more consequential help. And it raises questions about how much if at all Wall Street has changed. Since it brought America to the brink of a Great Depression a crisis for which no major financial executive has faced criminal charges. -- -- and wrote a book about Goldman called money and power. Wouldn't -- -- for the average American to look at this letter and thinking themselves nothing has changed. It would not be wrong -- the reason nothing has changed on Wall Street is because the incentives on on Wall Street if not change. Today -- Goldman sent this memo to the firm's 30000 employees. Saying he was disappointed by the comments from one disgruntled. Employee. As for Greg Smith he's not -- working on Wall Street anytime soon as one observer said today he now as well go into the witness protection program. I'm trying to decide how we feel about and you worked there for more than a decade made a lot of money there he probably did you know and we don't know whether he quit -- annually because of these moral concerns or perhaps he was forced out. And this is just as angry parting shot on the way out the door but it clearly stunned yet -- -- -- did thank you Dan.

This transcript has been automatically generated and may not be 100% accurate.

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