- Hardcover: 277 pages
- Publisher: Grand Central Publishing; First Edition edition (October 22, 2012)
- Language: English
- ISBN-10: 1455527475
- ISBN-13: 978-1455527472
- Product Dimensions: 6.5 x 1 x 9.2 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 176 customer reviews
- Amazon Best Sellers Rank: #367,698 in Books (See Top 100 in Books)
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ Free Shipping
+ $3.99 shipping
Why I Left Goldman Sachs: A Wall Street Story Hardcover – October 22, 2012
|New from||Used from|
See the Best Books of 2018
Looking for something great to read? Browse our editors' picks for the best books of the year in fiction, nonfiction, mysteries, children's books, and much more.
Frequently bought together
Customers who bought this item also bought
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.
Try the Kindle edition and experience these great reading features:
Read reviews that mention
Showing 1-8 of 176 reviews
There was a problem filtering reviews right now. Please try again later.
I found the author’s very personal accounts of the relationships he forged with peers and mentors to be interesting reading. I took away three major points from reading this book. None comes as any surprise. The constructive win-win greed that drives capitalism is perverted by huge profits that can be earned by trading highly-leveraged opaque and complex instruments; market crashes do not bring out the best in people; and the values and behavior that become entrenched in the company and management are a direct reflection of the organization’s incentive and performance assessment schemes. The author succeeds in creating a very human context to discuss how these factors have caused the clients’ interests to be sidelined, and this makes for an engaging read.
Although the author might come across as slightly idealistic, he creates a convincing case for “healthy greed”. I was left with the impression that there are many other traders and players in financial markets who share the author’s disapproval of the culture of client exploitation – even if they have not turned their backs on it in such a public way. When I finished reading this well-written book, I was left wondering about the fallout. What happens next? There are still several chapters to be written in this story.
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."
So easy to understand for a stock market ignorant person.
I am so PROUD that Greg did the right thing and followed his gut feeling against all odds.
Very proud as he is a South African!!
Wonderful enthralling read.
From a fellow South African