>>> u.s. economy came close to falling apart, bankers have been cast as the enemy, the bad guys. billions of tax payer dollars went onto keeping the banks afloat while americans were hurting. it helped give birth to the occupy movement and sent some people into the streets. then today comes a bombshell. a banker at the biggest gold-plated name in the business, goldman sachs decided to go down in flames. he resigned his job today in the newspaper. he wrote an article this "the new york times," which if accurate, confirms what so many people already believe goes on inside the big banks. it blows the lid off his now former employer. we begin with nbc's lisa myers.
>> reporter: in the last few years, goldman sachs has come under searing criticism, but today's extraordinary attack came from within. greg smith, an executive based in london with the firm for 12 years, blasted goldman, citing a toxic culture and decline in the firm's moral fiber. he said goldman often focusses how much money it can make off its clients instead of on the clients' best interest.
>> it's astonishing to see such withering criticism made public at a firm that always disdained that kind of action.
>> reporter: smith wrote, "it makes me ill how callously people talk about ripping their clients off. i have seen five difb managing directors refer to their own clients as muppets."
>> there is absolutely validity to what was written today, based on all the conversations i've had with clients of goldman sachs over many, many years. they well know their interests are not always, in fact perhaps not often, aligned with that of the firm.
>> reporter: experts say clients may stay because of goldman's size and connections. these accusations come a year after a senate committee accused goldman of misleading clients. in 2010, goldman also paid $550 million to settle allegations by the securities and exchange commission that it duped clients in selling mortgage securities. why should average americans care about goldman's practices?
>> when goldman or any other investment bank put their interests first, that means there is less for the pension fund, less for retirement investment accounts. you have less money to retire on and less money for college educations.
>> reporter: goldman sachs vigorously disputes these charges. in an internal e-mail suggests he is disgruntled. the firm insists it has legions of satisfied clients and says its guiding principle, "we will only be successful if our clients are successful."
>> lisa myers starting us off
