Why I Left Goldman Sachs: A Wall Street Story by Greg Smith
On March 14, 2012, more than three million people read Greg Smiths 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 Bloomberg. Mostly, though, it hit a nerve among the general public who question the role of Wall Street in society -- and the callous take-the-money-and-run mentality that brought the world economy to its knees a few short years ago. Smith now picks up where his Op-Ed left off.
His story begins in the summer of 2000, when an idealistic 21-year-old arrives as an intern at Goldman Sachs and learns about the firms Business Principle #1: Our clients interests always come first. This remains Smiths mantra as he rises from intern to analyst to sales trader, with clients controlling assets of more than a trillion dollars.
From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom; from the career lifeline he received from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachs from extinction-Smith will take the reader on his personal journey through the firm, and bring us inside the worlds most powerful bank.
Smith describes in page-turning detail how the most storied investment bank on Wall Street went from taking iconic companies like Ford, Sears, and Microsoft public to becoming a vampire squid that referred to its clients as muppets and paid the government a record half-billion dollars to settle SEC charges. He shows the evolution of Wall Street into an industry riddled with conflicts of interest and a profit-at-all-costs mentality: a perfectly rigged game at the expense of the economy and the society at large.
After conversations with nine Goldman Sachs partners over a twelve-month period proved fruitless, Smith came to believe that the only way the system would ever change was for an insider to finally speak out publicly. He walked away from his career and took matters into his own hands. This is his story.
'Why I'm Leaving Goldman Sachs' - NY Times Op-Ed
Exposing Wall Street—Or Not
Skip to content. Goldman Sachs executive Greg Smith has denounced the firm as "morally bankrupt," in a blistering letter of resignation published as an op-ed in today's New York Times. More from GlobalPost: Goldman Sachs cuts salaries and bonuses as profits fall by half. His colleagues' attitude made Smith ill, he wrote, claiming that a number of managing directors referred to their customers as "muppets. Every day, in fact. In a statement cited by the Associated Press , Goldman Sachs said Smith's account did not "reflect the way we run our business.
Why I am Leaving Goldman Sachs Lyrics: TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford.
a brush with death a penny brannigan mystery
Goodreads helps you keep track of books you want to read. - Goldman Sachs has strongly denied the accusations made in the letter. Clients have gotten nervous, and I suspect that Goldman Sachs has some pretty serious, long-term client reassurance work to do.
Smith left scathing reviews of the company's business ethics, citing a significant shift in company culture during his 12 years there. The article drew media attention but uncertainty surrounding Smith's motives brought question to its contentions. After graduating, he worked full-time at the firm from July to March He resigned in while working in London as Goldman Sachs's executive director and head of United States equity derivatives business in Europe. He is now employed as the head of Business Development and Partnerships at the financial firm Wealthsimple . Goldman Sachs GS is a multinational global investment banking, securities and investment management firm headquartered in New York City .
After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years.
Greg Smith's open letter on Goldman Sachs, published in the opinion section of the New York Times , has created a stir in the investment banking industry. His devastating critique of the company is incredibly unusual. It also raises some fascinating questions about the company — and finance capitalism in general. Smith complains of "sales meetings where not one single minute is spent asking questions about how we can help clients. It's purely about how we can make the most possible money off of them" and harks back to the days when the success of Goldman's clients was at the forefront of its executives' minds.