VAMPIRE SQUID

Goldman Sachs director quits 'morally bankrupt' Wall Street bank

Wall Street bank Goldman Sachs has suffered a severe blow to its reputation after one of its bankers announced his resignation in the New York Times by declaring his employer "morally bankrupt".

The departing employee, Greg Smith, said the firm's superior staff described the firm's clients as "muppets" and he made reference to the Tourre affair of two years ago in which London-based banker, Fabrice Tourre, said Goldman Sachs was creating "Frankenstein" products that showed scant regard for the needs of clients.

Smith's public resignation letter also made reference to the infamous description of Goldman in Rolling Stone magazine as "a great vampire squid wrapped around the face of humanity".