Must Read: Why I left Goldman Sachs, A Wall Street Story by Greg Smith

Why I Left Goldman Sachs” promises to be a tell-all of Mr. Smith’s 12-year career at the bank. His opinion article in The Times described Goldman as a once-vaunted institution that had lost its way. He wrote that when he first joined the bank as an intern in the summer of 2000, it obsessively put its clients’ interests first.

But over time, Mr. Smith said, Goldman devolved into a “toxic and destructive” culture that put profit before principle. His former colleagues mocked their clients, he said, derisively referring to them as “muppets.”

“I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival,” Mr. Smith wrote. “It makes me ill how callously people talk about ripping their clients off.

This is a quote from Peter Latman's article in NY Times

Apparently the book is set to be published Oct. 22. Price: $18.47 Hardcover, $14.99 Kindle

Amazon - Why I Left Goldman Sachs

Certainly his $1.5 MM advance was of help for such a fast publishing track

Comments (38)

 
Sep 14, 2012 - 4:23am

"hello, i'm a failed derivatives guy from GS, i didn't make MD and had no subordinates. i enjoy ping pong and brisket. this is my life" - greg smith

naarrr, i'm ok thanks.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Sep 14, 2012 - 5:23am

Yeah, hardly a Must Read

"Every man should lose a battle in his youth, so he does not lose a war when he is old"
 
Sep 14, 2012 - 5:40am

Some people just like the attention. I doubt he left because of the culture only. I'm sure it takes much more to break a GS employee whose been there for 12 years... so thumbs up to what Oreos said.

He should appreciate that they employed him for 12 years. People are made redundant all the time and you don't see them publishing books whining about their ex-company. They just move on.

 
Sep 14, 2012 - 8:24am

newfirstyear:
Strong number of college students in this thread.

Agreed.

Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.

 
Sep 14, 2012 - 1:49pm

samoanboy:
newfirstyear:
Strong number of college students in this thread.

Agreed.

Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.

Still - doesn't change the fact the guy has been eating his soup for 12 years, then decides to piss in it when he leaves. Fuck heads like that have no spine, and spitting on an industry that has nurtured you for so many years is despicable. Now whether GS fucks its clients or not, that's another question; does not justify this man publishing his book just in the hope of making some money.
Whatever you say about bankers, I've been working here long enough to realise that most people are normal, and turning against the people you have worked with is not acceptable. End of.

 
Sep 14, 2012 - 3:49pm

samoanboy:
Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.


Goldman is the only firm I can think of that we refuse to do business with. We don't really trust any banks, but we put those guys on an entirely different level from the others.

 
Sep 14, 2012 - 7:56pm

Hysterical. :50 best part

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GBS
 
May 22, 2014 - 8:05pm

tiger2012:
it sucked. Greg Smith sucks. So preachy and the guy think's his shit don't stink. I couldn't even finish it, zzzzzzzzzzzz... airplane reading

Dude wasn't even that good at ping pong

I hate victims who respect their executioners
 
May 22, 2014 - 8:08pm

I was expecting this to be a post by somebody mentioning that they left GS for completely valid reasons while people who have never stepped foot in an investment bank would put him down for it

then I saw that it was about this dude... I've never had strong feelings towards or against GS, but this guy has gotten on my nerves ever since his squirelly looking face popped up on my computer screen. He seems like a lil whiny bitch. to hear him being described as "preachy" is exactly what I would have expected

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 
May 22, 2014 - 8:10pm
"When you stop striving for perfection, you might as well be dead."
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