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Why I Left Goldman Sachs: A Wall Street Story Hardcover – October 22, 2012
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"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
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Goldman Sachs, the “Rolls Royce of investment banks,” has remained in business for more than 140 years, primarily due to a strict set of moral values that revolve around the principle that the “clients’ interests always come first.” These were the principles that were in place when Smith joined the firm as a junior analyst in the early 2000s. He describes entering an extremely competitive environment in which only the upper echelon of the best and the brightest survive, in which confidentiality, honesty, and integrity are fundamental to every business decision, and in which justice can be swift and brutal. A well-liked and promising study, Smith rose quickly through the ranks, witnessing firsthand the immediate effects of the tech bubble, the 9/11 attacks, and the housing meltdown. Through the turmoil, Goldman Sachs remained the one bellwether securities firm that could not be toppled, but inside the firm, the culture was changing. Rather than simply advising and trading for customers, Sachs began to resemble a hedge fund, doing proprietary trading and often taking positions opposite those they recommended to clients, a huge conflict of interest. Ultimately, the climate eroded so badly that only the largest commissions, known as “elephant trades,” became the driving force for everything the company aimed for, as clients’ interests fell completely by the wayside. This finally led to Smith’s famous March 14, 2012, op-ed for the New York Times, titled “Why I Am Leaving Goldman Sachs.” Despite Smith’s pointed criticism of Goldman Sachs, he is otherwise remarkably kind to the company. There is not much mud to sling, but what we find is a personal tale of one person caught up in a wave of greed, betrayal, and a complete disregard for the standards that had made Goldman Sachs the most trusted name on Wall Street. --David Siegfried
A portrait, in Proustian detail, of a world and a mentality that is utterly alien, and should be infuriating, to most of us on Main Street.
-- Mark Gongloff, Huffington Post
A personal tale of one person caught up in a wave of greed, betrayal, and a complete disregard for the standards that had made Goldman Sachs the most trusted name on Wall Street.
-- David Siegfried, Booklist
[Greg Smith] did what we would all hope that our own banker would do: he spoke out publicly about something that was wrong.
-- Hamilton Nolan, Gawker
An insider's take on Goldman Sachs strikes a nerve....it provides a rare inside look into a career path to which many aspire: from nothing to Wall Street affluence. It will also be read because of its characterisation of Goldman's integrity. Where once it profited from helping clients prosper, the bank shifted, Mr Smith contends, into an entity that profited from clients.
-- The Economist
...Smith has written a field guide to the culture of Goldman Sachs and a fly-on-the-wall account of Wall Street on the skids.
The author's personal account of the many facets of daily life at Goldman Sachs gives his memoir the power of persuasion and conviction.
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What's most entertaining was the author describing how difficult the hiring process was, followed by the rigors of working as an intern in this firm; Wall Street's own version of Navy SEAL "Hell Week."
One thing to note is that the author has completely faded away since his fifteen minutes of fame ended.