If the central difference between human beings and animals is our ability to think about the future, our species is not doing a very good job with Goldman Sachs. Both Goldman’s supporters and its critics instantly overreact to news about the bank, as if fighting over raw meat. The howls reached a feral pitch in the aftermath of Wednesday’s resignation letter from Greg Smith, an executive director at Goldman, who accused the bank of having a “toxic and destructive culture”.

One response is horror: here is a rare inside account from a 12-year veteran of the bank that confirms the worst fears about its profit-hungry “vampire squid” culture. Some are astonished by allegations that Goldman employees were encouraged to rip off clients. “Hunt elephants” and “ripping eyeballs out” were two salient phrases. Mr Smith’s allegation that he saw five managing directors call clients “muppets” generated instant disgust.

The other response was incredulity: here is a mid-level employee who just cashed his last bonus check trying to capitalise on anti-Wall Street sentiment. Just hours after the New York Times published Mr Smith’s piece, Lloyd Blankfein and Gary Cohn, Goldman chief executive and chief operating officer, respectively, fought back. They labelled him “disgruntled” and cited an internal “People Survey”, in which 89 per cent of employees said the bank provides exceptional service to clients.