Former trader says banks are like gamblers in rigged casinos
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Banks are worse than casinos, claims Greg Smith, the former Goldman Sachs executive who hit the headlines last year when he said the investment bank treated its clients like Muppets.
In his first interview to coincide with the publication of his book Why I Left Goldman Sachs yesterday, Mr Smith, pictured, told Associated Press: "Right now the system is stacked against everyone else in favour of the banks.
"It's a little like a casino. A real casino is regulated and there are cameras everywhere and the casino cannot see your cards.
"With Wall Street today, the bank can see what every government, every pension fund, every hedge fund in the world is doing. They can effectively see everyone's cards.
"Then, instead of facilitating the client's will, they're trying to get the client to facilitate their will."
Mr Smith claimed when his warts-and-all piece appeared in the New York Times last year he received many supportive emails from Goldman clients and even from some of the bank's managing directors.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments