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		<title>As &#8216;Why I Left&#8217; Letters Reach Meme Proportions, Startups Hope Goldman&#8217;s Moral Loss Is Their Gain</title>

		<comments>http://betabeat.com/2012/03/as-why-i-left-letter-letter-meme-goldman-sachs-startups-recruiting-03142012/#comments</comments>
		<pubDate>Wed, 14 Mar 2012 10:33:10 -0400</pubDate>
					<link>http://betabeat.com/2012/03/as-why-i-left-letter-letter-meme-goldman-sachs-startups-recruiting-03142012/</link>
			<dc:creator>Nitasha Tiku</dc:creator>
				
		<guid isPermaLink="false">http://www.betabeat.com/?p=32728</guid>
		<description><![CDATA[<p><div id="attachment_32731" class="wp-caption alignleft" style="width: 410px"><a href="http://nyobetabeat.files.wordpress.com/2012/03/blankfein.jpg"><img class="size-medium wp-image-32731" title="blankfein" src="http://nyobetabeat.files.wordpress.com/2012/03/blankfein.jpg?w=400&h=266" alt="" width="400" height="266" /></a><p class="wp-caption-text">Letter make Lloyd sad.</p></div></p>
<p>If there were a more visual element (perhaps a honey badger or LOLcat) attached to the "Why I Left Company X" genre, the meme would already be cresting to the top of BuzzFeed. Former TechCrunch employees may have thought they had the art of the <a href="https://twitter.com/#!/ReformedBroker/status/179899592043806720">bomb-throwing exit letter</a> on lockdown, but over the last couple days, they've been bested by the their more corporate brethren.</p>
<p>Yesterday, Google's former engineering director James Whittaker <a href="http://blogs.msdn.com/b/jw_on_tech/archive/2012/03/13/why-i-left-google.aspx">accused the once-great innovation lab</a> of devolving into an advertising machine. And today Goldman Sachs former executive director Greg Smith issued <a href="http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?hp">the most damning sayonara</a> since Jerry McGuire. He started by decrying the toxic, profit-hungry culture, then revealed Goldman's pet name for clients ("muppets"), before going on to level charges of widespread "moral bankruptcy."</p>
<p>Those missives quickly spawned a parody ("<a href="http://www.thedailymash.co.uk/index.php?option=com_content&amp;task=view&amp;id=5007&amp;Itemid=81">Why I Am Leaving the Empire, by Darth Vader</a>") and a spin-off (Mr. Smith's <a href="http://www.businessinsider.com/former-goldman-intern-this-is-what-it-was-like-working-under-greg-smith-2012-3">former intern at Goldman</a> tried to jump into the fray.) Both "Greg Smith" and "Goldman Sachs" are already trending topics on Twitter.</p>
<p>The startup world—which never shies away from the world-changing rhetoric, even when it's being used to <a href="http://www.buzzfeed.com/mattbuchanan/the-jay-z-show-at-the-end-of-the-world">shill for American Express</a>—couldn't have dreamed up a better recruiting strategy than Mr. Smith's 2,500-word explosion of righteous indignation.<!--more--></p>
<p>Tumblr President John Maloney wasted no time tweeting it out to potential new hires:</p>
<blockquote class="twitter-tweet"><p>Wall Street engineers - if that GS resignation letter speaks to you then just quit and join this booming magical NYC tech startup community</p>
<p>— John Maloney (@JohnMaloney) <a href="https://twitter.com/JohnMaloney/status/179911267488759808" data-datetime="2012-03-14T12:46:03+00:00">March 14, 2012</a></p></blockquote>
<p><script charset="utf-8" type="text/javascript" src="//platform.twitter.com/widgets.js"></script>One new Tumblr engineer let him know that he'd already gotten the memo:</p>
<blockquote class="twitter-tweet" data-in-reply-to="179911267488759808"><p>
@<a href="https://twitter.com/JohnMaloney">JohnMaloney</a> I left GS and started at Tumblr last Monday. — Bryan Irace (@irace) <a href="https://twitter.com/irace/status/179920183673106433" data-datetime="2012-03-14T13:21:29+00:00">March 14, 2012</a>
</p></blockquote>
<p>Buzzfeed's own Ben Smith noticed how quickly startups were glomming on to coopt the rage to their advantage:</p>
<blockquote class="twitter-tweet"><p>
Certain lack of sympathy for disgruntled Goldman types: "Deal with it or leave and open an Etsy store." <a title="http://www.thereformedbroker.com/2012/03/14/how-to-quit-a-job-without-publishing-an-op-ed/" href="http://t.co/nDD219Ta">thereformedbroker.com/2012/03/14/how…</a> — Ben Smith (@BuzzFeedBen) <a href="https://twitter.com/BuzzFeedBen/status/179910268661403648" data-datetime="2012-03-14T12:42:05+00:00">March 14, 2012</a>
</p></blockquote>
<p>Dan Frommer wondered how quickly the VCs would pull their checkbooks:</p>
<blockquote class="twitter-tweet"><p>
"Why I Quit Google/Goldman" form letter generator startup raises seed round in 3, 2…</p>
<p>— Dan Frommer (@fromedome) <a href="https://twitter.com/fromedome/status/179883424675401728" data-datetime="2012-03-14T10:55:25+00:00">March 14, 2012</a>
</p></blockquote>
<p>To be fair, New York startups have been using the finance sector's moral decline as a recruiting tactic since well before Occupy Wall Street. This just codifies it—and gives them a URL to point to during an interview. In the end, Betabeat is more inclined to take Anthony De Rosa's view on things:</p>
<blockquote class="twitter-tweet"><p>
Goldman made insane profits while the economy melted down, but a resignation letter got your attention?</p>
<p>— Anthony De Rosa (@AntDeRosa) <a href="https://twitter.com/AntDeRosa/status/179903051300208642" data-datetime="2012-03-14T12:13:24+00:00">March 14, 2012</a>
</p></blockquote>
<p><script charset="utf-8" type="text/javascript" src="//platform.twitter.com/widgets.js"></script>Of course, we'd hasten to add an asterisk about Goldman's role in <a href="http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405">ushering in</a> that meltdown in the first place.</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_32731" class="wp-caption alignleft" style="width: 410px"><a href="http://nyobetabeat.files.wordpress.com/2012/03/blankfein.jpg"><img class="size-medium wp-image-32731" title="blankfein" src="http://nyobetabeat.files.wordpress.com/2012/03/blankfein.jpg?w=400&h=266" alt="" width="400" height="266" /></a><p class="wp-caption-text">Letter make Lloyd sad.</p></div></p>
<p>If there were a more visual element (perhaps a honey badger or LOLcat) attached to the "Why I Left Company X" genre, the meme would already be cresting to the top of BuzzFeed. Former TechCrunch employees may have thought they had the art of the <a href="https://twitter.com/#!/ReformedBroker/status/179899592043806720">bomb-throwing exit letter</a> on lockdown, but over the last couple days, they've been bested by the their more corporate brethren.</p>
<p>Yesterday, Google's former engineering director James Whittaker <a href="http://blogs.msdn.com/b/jw_on_tech/archive/2012/03/13/why-i-left-google.aspx">accused the once-great innovation lab</a> of devolving into an advertising machine. And today Goldman Sachs former executive director Greg Smith issued <a href="http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?hp">the most damning sayonara</a> since Jerry McGuire. He started by decrying the toxic, profit-hungry culture, then revealed Goldman's pet name for clients ("muppets"), before going on to level charges of widespread "moral bankruptcy."</p>
<p>Those missives quickly spawned a parody ("<a href="http://www.thedailymash.co.uk/index.php?option=com_content&amp;task=view&amp;id=5007&amp;Itemid=81">Why I Am Leaving the Empire, by Darth Vader</a>") and a spin-off (Mr. Smith's <a href="http://www.businessinsider.com/former-goldman-intern-this-is-what-it-was-like-working-under-greg-smith-2012-3">former intern at Goldman</a> tried to jump into the fray.) Both "Greg Smith" and "Goldman Sachs" are already trending topics on Twitter.</p>
<p>The startup world—which never shies away from the world-changing rhetoric, even when it's being used to <a href="http://www.buzzfeed.com/mattbuchanan/the-jay-z-show-at-the-end-of-the-world">shill for American Express</a>—couldn't have dreamed up a better recruiting strategy than Mr. Smith's 2,500-word explosion of righteous indignation.<!--more--></p>
<p>Tumblr President John Maloney wasted no time tweeting it out to potential new hires:</p>
<blockquote class="twitter-tweet"><p>Wall Street engineers - if that GS resignation letter speaks to you then just quit and join this booming magical NYC tech startup community</p>
<p>— John Maloney (@JohnMaloney) <a href="https://twitter.com/JohnMaloney/status/179911267488759808" data-datetime="2012-03-14T12:46:03+00:00">March 14, 2012</a></p></blockquote>
<p><script charset="utf-8" type="text/javascript" src="//platform.twitter.com/widgets.js"></script>One new Tumblr engineer let him know that he'd already gotten the memo:</p>
<blockquote class="twitter-tweet" data-in-reply-to="179911267488759808"><p>
@<a href="https://twitter.com/JohnMaloney">JohnMaloney</a> I left GS and started at Tumblr last Monday. — Bryan Irace (@irace) <a href="https://twitter.com/irace/status/179920183673106433" data-datetime="2012-03-14T13:21:29+00:00">March 14, 2012</a>
</p></blockquote>
<p>Buzzfeed's own Ben Smith noticed how quickly startups were glomming on to coopt the rage to their advantage:</p>
<blockquote class="twitter-tweet"><p>
Certain lack of sympathy for disgruntled Goldman types: "Deal with it or leave and open an Etsy store." <a title="http://www.thereformedbroker.com/2012/03/14/how-to-quit-a-job-without-publishing-an-op-ed/" href="http://t.co/nDD219Ta">thereformedbroker.com/2012/03/14/how…</a> — Ben Smith (@BuzzFeedBen) <a href="https://twitter.com/BuzzFeedBen/status/179910268661403648" data-datetime="2012-03-14T12:42:05+00:00">March 14, 2012</a>
</p></blockquote>
<p>Dan Frommer wondered how quickly the VCs would pull their checkbooks:</p>
<blockquote class="twitter-tweet"><p>
"Why I Quit Google/Goldman" form letter generator startup raises seed round in 3, 2…</p>
<p>— Dan Frommer (@fromedome) <a href="https://twitter.com/fromedome/status/179883424675401728" data-datetime="2012-03-14T10:55:25+00:00">March 14, 2012</a>
</p></blockquote>
<p>To be fair, New York startups have been using the finance sector's moral decline as a recruiting tactic since well before Occupy Wall Street. This just codifies it—and gives them a URL to point to during an interview. In the end, Betabeat is more inclined to take Anthony De Rosa's view on things:</p>
<blockquote class="twitter-tweet"><p>
Goldman made insane profits while the economy melted down, but a resignation letter got your attention?</p>
<p>— Anthony De Rosa (@AntDeRosa) <a href="https://twitter.com/AntDeRosa/status/179903051300208642" data-datetime="2012-03-14T12:13:24+00:00">March 14, 2012</a>
</p></blockquote>
<p><script charset="utf-8" type="text/javascript" src="//platform.twitter.com/widgets.js"></script>Of course, we'd hasten to add an asterisk about Goldman's role in <a href="http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405">ushering in</a> that meltdown in the first place.</p>
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