BUSINESS
03/14/2012 03:23 pm ET | Updated Mar 14, 2012

Goldman's Greg Smith Not First To Highlight Wall Street's Shortcomings

Greg Smith, a former Goldman Sachs employee, turned into an Internet household name Wednesday after he penned his letter of resignation from the bank in the form of an op-ed in The New York Times. While the letter generated outcry from all corners, Smith is echoing sentiments that have been expressed before by others.

Smith highlighted the firm's "toxic" environment and argued that it wasn’t always that way. But by the time Smith first started at Goldman, many had already begun criticizing the industry for what they say was a culture that valued profit over customer service was likely already in place.

In his book Liar's Poker, Michael Lewis chronicled the rise of one Wall Street firm's mortgage trading desk during the 1980s, noting that the desk used formulas to create complicated bonds and sell them to dubious investors.

And even some of the banks' most public faces have admitted that Wall Street may have focused too much on making money at the expense of all else. At the World Economic Forum earlier this year, Citigroup CEO Vikram Pandit said that banks "must serve clients and not themselves."

Check out some more Wall Street insiders who noticed that something in the industry was going wrong :

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