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Why I Left Goldman Sachs: A Wall Street Story
by
Greg Smith
On March 14, 2012, more than three million people read Greg Smith's bombshell Op-Ed in the New York Times titled "Why I Am Leaving Goldman Sachs." The column immediately went viral, became a worldwide trending topic on Twitter, and drew passionate responses from former Fed chairman Paul Volcker, legendary General Electric CEO Jack Welch, and New York City mayor Mike Bloomb...more
Paperback, 480 pages
Published
October 26th 2012
by Grand Central Publishing
(first published October 22nd 2012)
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This was a thoughtful, honest, and engaging read about a world I don't know about, nor plan to know about intimately. Smith's story is clear and easy to understand for for financially illiterate people, which I very much appreciated.
I think that this books requires an open mind in order for it to be appreciated. I looked at some of the negative reviews and those reviewers read this book with a predetermined hate for Wall Street, which defeats the purpose of the book. (In fact, those people are...more
I think that this books requires an open mind in order for it to be appreciated. I looked at some of the negative reviews and those reviewers read this book with a predetermined hate for Wall Street, which defeats the purpose of the book. (In fact, those people are...more
I had higher expectations for this book. Two reasons persuaded me to read it; first, my familiarity with the culture of greed fostered on Wall Street, given my experience with the Street’s practice of electronic counterfeiting (a.k.a., naked short selling). Second, Goldman CEO Lloyd Blankfein’s unmitigated arrogance in proclaiming that investment bankers are doing “God’s work”.
Smith spent an inordinate amount of time on the boring machinations of his recruitment by Goldman, his fears and worries...more
Smith spent an inordinate amount of time on the boring machinations of his recruitment by Goldman, his fears and worries...more
In March last year, Greg Smith published an article in the New York Times that outlined why he felt he could no longer work at Goldman Sachs. It went viral, becoming a trending topic on Twitter and there was even mention of it here in our own local newspaper. I remember it vividly because at the time I was deeply impressed - it is seldom that you see or hear of someone with this level of personal integrity. Smith’s article revealed the unsettling changes within his organisation, his growing dise...more
Like any red-blooded, god-fearing, meat-eating Midwesterner, I have a healthy dislike for Wall Street and anything connected with it. I will freely admit that my loathing stems at least in part from the fact that I am ignorant about the system and the logic(or lack thereof) behind it. Nothing I read in this book changed my mind. Smith tells the story of his 10+ years at Goldman Sachs, detailing the change in company emphasis over that time from working for the client to (gasp!) making obscene am...more
Reading this book evoked nostalgia for me. As a senior at Princeton I remember having received my offer from Goldman Sachs and not knowing what doors the opportunity would open but knowing full well that I would embark on the next phase of my journey with the firm. My pathway mirrored Greg Smith's in some ways - we both worked in the securities division - he in sales and I in trading. And many of the firm's characteristics I could relate to. And I recognize Greg's frustration. But Greg's frustra...more
A rather interesting look into how the class enemy lives. WILGS fails to be any sort of critique whatsoever, of course. The tone is 'things were so wonderful, and then they weren't', with an heavy emphasis on the failings of individuals rather than an understanding that the problems in Wall Street (and industrial capitalism as a whole) are systemic.
The author will candidly write things like the fact he wasn't sure he could commit to marriage with his gf because they wanted her to stay at home (w...more
The author will candidly write things like the fact he wasn't sure he could commit to marriage with his gf because they wanted her to stay at home (w...more
Greg Smith cuenta su historia de doce años en Goldman Sachs, en las oficinas de Nueva York y Londres. En muy resumidas cuentas, narra cómo entró en una gran empresa con valores éticos que buscaba lo mejor para sus clientes y abandonó una jungla humana en la que el sálvese quien pueda era la ley y quien infligiera el máximo rejoneo a los clientes era el que conseguía el ascenso. En español, rejonear a un cliente es cargarle un sobreprecio excesivo, lo que en inglés se suele decir rip off, usándos...more
Life of a Wall Street trader has always been an enigma for me. My feelings for this kind of life this profession offers has varied from highly affluent, luxurious to downright back-breaking. This book busts all the myths. The reason I picked up this book is due to the attention grabbing title. At a moment when I'm looking forward to entering the glitzy career in finance, I wanted to have the point of view of someone who has been through it all.
Coming to the narrative, it is particularly well wr...more
Coming to the narrative, it is particularly well wr...more
Having read Mr. Smith's NY Times Op-Ed, I looked forward to reading his experience in detail through this book. Unfortunately, I have been left ultimately disappointed as the book is light on details. No investigation as to where the turning point in the culture was, no explanation why he went along for the profitable ride for so long and how Goldman even justified its actions (could it?).
That said, there are certain demographics who should pick up this book. The first are aspiring bankers and...more
I was expecting a complete bashing of goldman and wall street but that isn't the story that is told at all. A
majority of the book he talks about what he liked about Goldman - the firm / culture / expectations before 2006/ 2007. In the start of the book - you sense that Greg is a Goldman lifer - that truly believes in his firm and reputation on wall street.
Things start to change in 2006 / 2007 where the focus becomes on large profitable trades. The more complicated / harder to understand the mo...more
majority of the book he talks about what he liked about Goldman - the firm / culture / expectations before 2006/ 2007. In the start of the book - you sense that Greg is a Goldman lifer - that truly believes in his firm and reputation on wall street.
Things start to change in 2006 / 2007 where the focus becomes on large profitable trades. The more complicated / harder to understand the mo...more
I thought this book would be a sort of expose on Goldman Sachs. Instead, we get a book about Greg Smith. Annoying.
The lens of the story is Greg's journey from Stanford grad, to intern at Goldman Sachs, to employee at Goldman. Along the way we get to read boring drivel about Greg's life like how he purposely lost a game of ping pong ball against a client, how he played DJ at a restaurant dinner (his favorites being Nelly's "Ride Wit Me" amongst other songs), and his relationship with a woman name...more
The lens of the story is Greg's journey from Stanford grad, to intern at Goldman Sachs, to employee at Goldman. Along the way we get to read boring drivel about Greg's life like how he purposely lost a game of ping pong ball against a client, how he played DJ at a restaurant dinner (his favorites being Nelly's "Ride Wit Me" amongst other songs), and his relationship with a woman name...more
I do not have a background in finance, but found Greg Smith's story about his career on Wall Street riveting. During his 12 years with Goldman Sachs, he saw the culture of this institution once recognized for its integrity alter its emphasis from serving their clients' interests to making money for themselves. Deceit and manipulation replaced building client relationships based on trust and reaching optimum financial goals. The author makes the point that the behavior on Wall Street affects all...more
This book got slammed by the important critiques, but that makes sense - as a financial writer/reporter going against GS would be like jumping into a volcano. Generally, it was an interesting narrative, similar to Liar's Poker, but just like Lewis might have had a narrow view of solomon, Smith's point of view is biased because most of his experience was in the trading-centric part of the org.
His gen thesis was like charlie munger's quote "tell me a persons compensation and I'll tell you their b...more
His gen thesis was like charlie munger's quote "tell me a persons compensation and I'll tell you their b...more
When I first picked up this book I expected the author to be more forthcoming in detailing why he left Goldman Sachs. Instead it was an autobiographical book filled with stories about the author’s life and rise through Goldman.
He seems to come to wall street naïve about the ways of making money and at the end of the book magically finds his morals in an ever greed filled/dog eat dog Goldman Sachs environment. While I am sure many of the practices at Goldman are unethical the author seems amazed...more
He seems to come to wall street naïve about the ways of making money and at the end of the book magically finds his morals in an ever greed filled/dog eat dog Goldman Sachs environment. While I am sure many of the practices at Goldman are unethical the author seems amazed...more
Intriguing read for those not really familiar with the finance world but have been listening in on the tales of wall street as of late.
Smith is a natural story-teller: accenting areas where he knows would be important to the overall argument and including tid-bits of what it's like to be working at the biggest and baddest bank in the world.
Stemming from his oped piece, Why I'm Leaving Goldman Sachs, Smith paints a broad picture of the shift in culture from the old banking days when clients' in...more
Smith is a natural story-teller: accenting areas where he knows would be important to the overall argument and including tid-bits of what it's like to be working at the biggest and baddest bank in the world.
Stemming from his oped piece, Why I'm Leaving Goldman Sachs, Smith paints a broad picture of the shift in culture from the old banking days when clients' in...more
Greg Smith comes across pompous, but this book reflects on the masses and how Corporate America changes you, your values, and how you view people. Although Smith objectively says the business hasn't changed him, any person who openly states that he is making close to a million a year is arrogant and full of himself. Lack of humility, almost as though he has to convince himself that the money hasn't made him different.
I did enjoy the book for one reason only. I really wanted to know how the trad...more
I did enjoy the book for one reason only. I really wanted to know how the trad...more
Interesting to learn all the details inside the GS financial institution. Everyone should read this book. It is important to understand why we should get rid of wall street. Wall street exists to make money for wall street, not to make money for their clients. Don't believe me? Read what this insider has to say. This is not a disgruntled employee. This is a very successful fund manager who left at the top of his game be because he posessed stronger ethics than his desire for wealth. Trudge throu...more
Clearly a heartfelt story from an insider.. Some would call him naive for throwing away an entire career which would net him many millions in an effort to cause a reform... I would just call him super courageous and a guy with heart. On a separate note, the more I read books on Wall Street, the more I am convinced of the rapid spread of the cancer of earning unending unbelievable money without any real hard work or risk other than to take positions against people they call 'clients'... Clearly t...more
This is a book I felt was something that I had to read given the amount of press it received, although most of the press it received was very negative. The book discusses Greg Smith’s entire career at Goldman Sachs, from summer intern all the way through to his days as Vice President and soon to be Director / MD. I will say right now that anyone who works in the industry, this book will be a waste of your time as all it does is walk through the life at a investment bank which we are all very fam...more
This book is terrible. A quick summary would read like this:
I did really, really good in school and got into Stanford.
I did really, really well at Stanford and worked really, really hard and got an internship at Goldman
I worked really, really hard at Goldman and got promoted.
I worked really, really hard at Goldman, aligned myself with the right people and got promoted again.
I kept working really really hard... and aligning my self with the right people, and I didn't really like where the industr...more
I did really, really good in school and got into Stanford.
I did really, really well at Stanford and worked really, really hard and got an internship at Goldman
I worked really, really hard at Goldman and got promoted.
I worked really, really hard at Goldman, aligned myself with the right people and got promoted again.
I kept working really really hard... and aligning my self with the right people, and I didn't really like where the industr...more
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Sadly, it wasn't the schadenfreude cum finger-pointing telling all that everyone hoped for after readying Greg's blistering op-ed in the Times. Replete with useless anecdotes about his girlfriend, parties, etc., the book ends up embodying the very thing that people dislike about Goldman and Wall Street: a highly privileged person sells you something that doesn't end up having the value you thought it would; you're left frustrated, and they make gobs of money.
WILGS gives one guy's account to slow demise of Goldman Sachs and Wall Street in general. How it really is all a bout the profit and nothing else but you learn that it wasn't always this way. I think the author does a great job of expressing his concerns with the change in environment but also raises the question as to why nothing has been done. He also does an amazing job explaining all the financial terms for those who may not understand.
Great book, very interesting to learn about the culture inside one of the greatest firms on Wall Street. Not surprised that prop trading made them greedy and is ruining the client centered focus. If Goldman was still a private partnership with the partners on the hook for trading losses, they would operate much differently. Because they are trading with other peoples money, the moral hazard is huge, and why we need reform.
I was interested in reading this book after having spent some time on wall street in a previous life. The book is easy to read, engaging, but he comes across as so smug and perfect. He shows a fair depiction of Wall Street, such as the recruiting process, but he comes across as so dislikeable at points. He also oversimplifies things. It was a very "lite" book, which I didn't expect. It was disappointing overall.
Thanks to Mr. Smith, we have a first person's account of what EXACTLY goes on inside one of the biggest "Banks" in the world.
Although I would never be a customer of Goldman Sachs, it does concerns me that if antics described in the book is happening to individuals of wealth and corporations (those who should know better!), it probably does happens to small time retail customers at 'smaller' institutions!
Although I would never be a customer of Goldman Sachs, it does concerns me that if antics described in the book is happening to individuals of wealth and corporations (those who should know better!), it probably does happens to small time retail customers at 'smaller' institutions!
Hey it was OK. I get it: it's all about the customer, isn't it. Other books out there like this, except this one is the memoir of Gregg Smith. Interesting about the culture differences in US versus EU, and the office politics how people get railroaded into problem areas, but that's aside from the main theme. If thie book was titled Why I Left Morgan Stanley, I doubt it would have made anybody's radar.
This book was very interesting. While perhaps a bit too technical for some, I thought Mr. Smith did a good job of explaining his way as he went. There is some humor, and the story moves fast enough to hold your attention.
I didn't get good closure on the ending though. I would have liked to have seen more of the ripples from the stone he threw, so to speak.
I really enjoyed this book. For those of us not directly involved in the financial sector, who know something is very wrong but don't know exactly what it is, this book provides good insight, in a very readable format, into what went wrong over the last ten years, and how matters won't improve if significant changes aren't made.
I thought this was going to be a cynical account of Greg's time at Goldman and an expose of corruption, but it was a very insightful look into what made Goldman Sachs great, and how that got lost along the way. I detected no bitterness or anger, but mostly an almost idealistic longing for Goldman to return to the purer pre-IPO days.
1 like · like · see review
A quick and easy read.
The biggest takeaway I had was about how easy it is for company culture to degrade.
From rewarding the bad people, to focusing only on metrics for performance reviews, it didn't take much else for the previously customer-focused Goldman Sachs to become the worlds' most successful customer-exploiting bank.
The build-up may have been too slow, but it does pay off in the end.
The biggest takeaway I had was about how easy it is for company culture to degrade.
From rewarding the bad people, to focusing only on metrics for performance reviews, it didn't take much else for the previously customer-focused Goldman Sachs to become the worlds' most successful customer-exploiting bank.
The build-up may have been too slow, but it does pay off in the end.
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Apr 26, 2013 08:27pm