News flash: The culture at Goldman Sachs is “toxic and destructive,” and “purely about how [Goldman Sachs] can make the most possible money off of [clients].”

 

So says a Greg Smith, who ended 12 years at the Wall Street giant with a 1,256-word kiss-off letter (more than a little reminiscent of Jerry Maguire’s “mission statement”) published in the New York Times. Goldman Sachs, for its part, is shocked — shocked! — that rumors the firm really is a vampire squid have been confirmed by a reformed tentacle.

 

In a related development, the rest of Wall Street continues to Hoover up some $30 trillion of Americans’ wealth, scatter it who-knows-where in the global economy… and (hopefully) trickle down some returns to Jane & José Jones.

 

So, how about writing your own resignation letter to Wall Street? Thought you did that when you “moved your money” by opening a checking and savings account at a local bank or credit union? You did! Partly.

 

But what about the rest of your money? Most long-term savings in stocks, bonds, mutual funds, pension funds, and life insurance funds are part of that $30 trillion flowing into Wall Street. Meanwhile, not even 1 percent of that vast pool of capital reaches local small businesses.

 

What if you could invest in Main Street instead of Wall Street? What if you could move away from the poor returns, impoverished ethics, and impoverishing impact of the out-of-control globalized economy? (Of course, not every Wall Streeter has the ethics — or hair — of Rod Blagojevich, but do you really enjoy swimming with sharks…and squid?)

 

Wouldn’t it make more sense to entrust your hard-earned capital to someone you know, or have some reason to trust…say, an organic farmer adding a new crop, or a local artisan expanding production?

 

We all have doubts about the ability of any investment to produce returns in these unsettling times. But as PCI Fellow Michael Shuman points out in Local Dollars, Local Sense, instead of lending our retirement money to the Goldman Sachses of the world, we can use it to help build local businesses and resilient regional economies. When we invest in the future if our own communities, we truly reap more than we sow.

 

And while we’re at it, let’s get our local institutions — churches, colleges, and community foundations — to keep their funds closer to home. They say they’re doing God’s work. So, ironically, does Goldman Sachs CEO Lloyd Blankfein. But who benefits from a relocalized economy, and who counts on a sucker being born every minute?

 

We all have the power to do the right thing, even in the face of overwhelming pressure to follow the crowd. Greg Smith found his voice. What are you and your money saying about your values?