Quite the bombshell today in this New York Times op-ed by Greg Smith, a London-based ex-Vampire Squid executive director of equity derivatives on his last day at work as he details how the firm “rips off” its clients that at least five managers refer to as “muppets”

He calls the environment at the firm “toxic and destructive” and lays the blame at how leadership has changed, noting that “if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence”. The conclusion? Get rid of the “morally bankrupt people, no matter how much money they make for the firm”.

FT Alphaville had this interesting take on what may have motivated Mr. Smith to vent:

I wonder how his exit interview went. He must have had a little twinkle in his eye…