October 26, 2012 journal, Goldman Sachs VP quit saying they are on the wrong path. Banks are reported to have used their bailout funds to acquire other banks. What a farce. The following is a script from "Resignation" which aired on Oct. 21, 2012. Anderson Cooper is the correspondent. Andy Court, producer. "Many of us have, at some point in our lives, dreamed of quitting our jobs very loudly and telling our bosses exactly what we really think. Very few of us ever do it. But seven months ago, a vice president at the legendary investment bank Goldman Sachs did just that, resigning in an article on the op-ed page of The New York Times. The article caused a sensation -- not just because its author Greg Smith was saying, three-and-a-half years after the financial crisis, that the bank was headed on the wrong ethical course, but also because it's so unusual to learn anything at all about the inner workings of Goldman Sachs. 60 Minutes Web Extra Calling clients Muppets and worse " When people leave Goldman, they tend to do it quietly. Though the firm's gold-plated reputation took a big hit after the 2008 financial crisis, it's still regarded as the smartest, most profitable and politically well-connected firm on Wall Street, and the toughest place to get a job. Now, on the eve of publishing a book about his experiences at Goldman, Greg Smith is talking for the first time about what led him to leave the firm, and to do it in such a public way. Greg Smith: I literally wanted to hit the board of directors over the head, and say, Listen, I was proud of Goldman Sachs. I worked here for a long time. Anderson Cooper: So an op-ed resignation, you hoped it would be a wake up call? Greg Smith: I really did. Because there are a lotta people who acknowledge things internally. But no one is willing to say it publicly. And my view was the only way, you force people to change the system, is by saying something publicly. At the time he left Goldman Sachs, Greg Smith was 33 years old, and making roughly half a million dollars a year as a vice president, a mid-level position in the division of Goldman Sachs that trades securities for hedge funds, pension funds, and other big investors. He'd been at the firm for about 12 years, and could hardly have scripted a more dramatic exit. "Integrity? It is eroding," he wrote in The New York Times. "The environment now is as toxic and destructive as I have ever seen it...it makes me ill how callously people talk about ripping their clients off." Greg Smith: You know, this might be hard for people at Goldman Sachs to understand, but I loved the place. I put a lot of my heart and soul into it. I don't view it as a betrayal. I actually think the leaders of Goldman Sachs today don't have the long run interests of the institution at heart. Anderson Cooper: Did anybody within the firm know you were going to be leaving? Greg Smith: No. Anderson Cooper: So, the first time many people within Goldman Sachs learned you were leaving was when they opened up The New York Times and saw this op-ed. Greg Smith: Yeah, I mean the idea of the op-ed was not to do any destruction. Anderson Cooper: I think some people are-just aren't going to believe that, that-- to not give notice to a company you've worked for for 12 years, and in the most public way possible in the page of The New York Times, to say that they are going against all the values that they once held, how can that not be seen by-- as a betrayal? Greg Smith: Well, it's true. I mean, I think the company is going against the values it once held. [Goldman Sachs recruiting video: Join a culture of excellence, with a reputation for integrity... Goldman Sachs.] For years Greg Smith was one of the company's true believers. He was selected to appear in this 2006 recruiting video, in which he talked about the business principles Goldman teaches to every new employee." http://www.cbsnews.com/8301-18560_162-57536831/goldman-sachs-vp-explains-why-he-quit/?tag=contentMain;cbsCarousel [Greg Smith in video: One of the principles I really like is about reputation and how important our reputation is. And that really comes to integrity and how important integrity is within the firm.] Born and raised in South Africa, Smith was an economics major at Stanford University when Goldman recruited him as a summer intern in 2000 and hired him the following year. Smith rose through the ranks at a time when Goldman's revenues from trading increased five-fold in five years. It was the result of a boom in complex financial products and a loosening of financial regulations that enabled Goldman and other banks to vastly increase profits by doing transactions for their clients while trading with their own money as well. Greg Smith: Goldman Sachs, and other firms on Wall Street, started learning how to use the information they were getting from their clients, in order to bet with their own money. At times, betting against their clients. And you know, that's a real changed mentality from how do we do what our client wants to do? Not how do we take advantage of what the client's doing to make money for ourselves? Smith's job was to sell derivatives not the complicated bets that nearly blew up the financial system in the collapse of 2008, but more straightforward, openly traded products like options to buy stock or commodities. The problem, he says, is that inside Goldman's offices the promotions and big money went to people who sold complex products with unseen risks and hidden fees. Greg Smith: So what Wall Street will do is, they will approach one of these philanthropies, or endowments, or teachers' retirement pensions funds, in Alabama, or Virginia, or Oregon, and they'll say to them, "We have this great product that is gonna serve your needs." And it looks very alluring to these investors. But what they don't realize is that up front, they're immediately paying the bank two million dollars or three million dollars because of their lack of sophistication. Anderson Cooper: So they don't say to the client: the price you're paying for us to execute this trade is a million dollars?" Greg Smith: That's a huge part of the problem. Not at all. Anderson Cooper: How can it be that the client doesn't understand what the bank is making? Greg Smith: These are very complicated derivative securities which takes a Ph.D. in physics or in engineering to understand. And there are pension funds and mutual funds that represent people's 401(k)s and retirement savings that are trading the most complex instruments out there without fully understanding them. Anderson Cooper: So, did the people you work with want unsophisticated clients? Greg Smith: Getting an unsophist-icated client was the golden prize. The quickest way to make money on Wall Street is to take the most sophisticated product and try to sell it to the least sophisticated client. Smith says he first heard of a very sophisticated product called "Abacus," in 2010 when the SEC accused Goldman of misleading investors who bought it. Goldman paid a record $550 million fine to settle the charges. Goldman Chairman Lloyd Blankfein was grilled about that deal and others by the Senate Subcommittee on Investigations. Committee Chairman Carl Levin wanted to know why clients should trust Goldman if it was recommending they buy securities that the company was betting against. [Carl Levin: You are betting against the very product you are selling & you're just not troubled by it? Blankfein: I'm sorry, I can't endorse your characterization...] CEO Blankfein and other Goldman executives testified that when the firm does certain types of transactions with institutional investors, it's understood that the company doesn't have the same responsibility it does when it's acting as a financial adviser. Greg Smith: I was flabbergasted. What I can tell you is that's not what the client is thinking. The teachers' retirement fund, who's coming to Goldman Sachs or Morgan Stanley, is thinking that Goldman Sachs is one of the biggest, smartest banks in the world. The reason I'm coming to them is to get their advice on what to do. We wanted to hear what Goldman Sachs had to say, but after one off-camera meeting, we were told the firm wanted to see what was in Smith's book before giving an interview. So we spoke with Frank Partnoy, a highly respected professor of law and finance at the University of San Diego and a former derivatives salesman himself. He told us he didn't think it was fair to single out Goldman Sachs....." Why are Goldman Sachs allowed to continue to operate without prosecution? http://www.outpost-of-freedom.com/star_wars/starwars13.htm "What you will find out is that certain Talmudic Jews had "converted" to Catholicism and held control of the Catholic Church at that time. Talmudic J-e-w-s still call this Era as the "Golden Age of Jewry." This was the complete takeover of Church and State. It was Money, Government, and Ecclesiastical combined, to the helplessness and suffering of the Spanish Catholics and Protestants. True, scattered small bands of Protestants were burned at The Stake, but other persons also found themselves murdered by fire. If you will read Cecil Roth"s book, The Marranos, published by the Jewish Publishing Society of America, you will learn that the Spanish word, marrano, means swine. So, the Marrano J-e-w-s, were the swine J-e-w-s, according to the Talmudists, and had to be sacrificed in the holocaust of the Spanish Inquisition. Every now and then, you will read in the Jewish Press, congratulations to Israel from the Spanish "Catholics" who have practiced their Talmudic religion in secret since the days of the Spanish Inquisition. The amazing part of the history of the Spanish Inquisition, and its Holocaust of thousands, is that the Chief Inquisitor, Torquemada, was a leading Jewish leader of his day. He had infiltrated the Catholic Church to the top, through pretended conversion - remember Kol Nidre -- and saw to it that his own co-religionists, the Marrano (swine-gypsy) J-e-w-s, were put "through the fire to Moloch." They were a holocaust, .a burnt offering to Astarte and her Six pointed Star. The Spanish Catholic Church, as my Roman Catholic friends are quick to admit, is still controlled by the Talmudic J-e-w-s, and their influence extends right into the Vatican. It is no coincidence that of all the naives of the ancient enemies of God"s Holy people throughout history, the only enemy name used for this end of the age is Babylon. Ancient Babylon is destroyed and lying under the shifting sands of what is now Iraq. All that remains of Ancient Babylon Is The Talmud, and the Serpent"s Seed who follow its teachings. If you want to find the prophetic Babylon, that Great City that is just about to fall: you now know where to look. In the same Jewish author"s two volume House of Nasi, Cecil Roth makes an interesting comparison between the activities of his Jewish forefathers and what happened to the Orthodox Jews under Hitler. His historical account matches Edwin Black"s book, The Transfer Agreement, The Untold Stow of the Secret Pact Between The Third Reich and Jewish Palestine. [Macmillan Publishing Co. New York, 19841 Mr. Black is a son of Jewish survivors of The Holocaust. He gives us even more light on the two classes of Jews which I wrote about earlier. German Jews, according to Edwin Black, consider themselves Hofjuden, roughly translated "courtly Je-ws." The J-e-ws of Poland and from Russian stock were "those miserable darkened Hebrews." He insists, and I am happy that he said instead of only me that American J-e-w-s also consider themselves as being of the Hofjuden Class, which, as Black writes, was the reason they had no real concern for the plight of the Eastern European J-e-w-s [Page 6], Quite a book. Mr. Black. Is it possible that there exist some "anti-semitic" J-e-ws? As I pointed out earlier, Adolph Hitler was the bastard son of a bastard son, and had at least 25% Jewish blood. He, along with the top leaders of his Nazi Party were involved in a number of areas of the Occult. Hitler did to his kinfolks exactly what the Chief Spanish Inquisitor. Torquemada, did to his-he put them through a Holocaust sacrifice. No one will disagree that Hitler was the Number One Nazi. Some scholars have pointed out that Nazi is very close to the Jewish word, Nasi, which as chance would have it, means Prince of Jewry. The Hofjuden knew exactly what Hitler was doing-saying one thing but doing the exact opposite. Remember the Kol Nidre, and the confusing things of the world will begin to make sense. Hitler had no love for "those miserable darkened Hebrews," but he could never have accomplished what he did without the financial and political help of the Hofjuden J-e-ws as some highly placed American traitors, such as George Bush's father, Prescott Bush, whose banking empire funded Hitler from the United States. Some of us who have been given the eyes to see, observe the same Divine Parallel being set in place today. Talmudic Jews of the Anti-Defamation League are, like Salome, counseling those Edomites who now rule Christian America, setting in place various "hate" crime statutes" and incarcerating Christian leaders on a variety of trumped-up charges. We rejoice as Christ is, even now, raising up a few good men who are capable of bringing about their rescue at some appointed time in history." Read more on February 27, 2012 journal.