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Why I Left Goldman Sachs

A Wall Street Story

Greg Smith

This book is available for download with iBooks on your Mac or iOS device, and with iTunes on your computer. Books can be read with iBooks on your Mac or iOS device.

Description



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 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 firm's Business Principle #1: Our clients' interests always come first. This remains Smith's 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 world's 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.

Publishers Weekly Review

May 27, 2013 – The celebrated management consulting company exerts an influence that varies from benign to malign, according to this revealing, if conflicted, history. Financial journalist McDonald (Last Man Standing) traces McKinsey’s rise to the pinnacle of corporate advice peddling and its unique pretensions and privileges: its elitism, decades-long engagements and lucrative open-ended contracts; its symbiosis with the Harvard Business School, whose newly minted grads dole out wisdom to experienced executives under its auspices; its aura of intellectualism, which sometimes amounts to vague buzz phrases and invocations of “change”; its reliance on alumni who helm other companies and steer business its way. McDonald, a contributing editor at Fortune, can’t quite decide whether this is all good or bad, or whether he’s indifferent. He credits McKinsey with rationalizing business practices and forestalling corporate mistakes, but charges it with standing behind blunders and bankruptcies from Enron to GM; he wonders if the firm is less about helping companies make better products more efficiently than giving doctrinal cover to CEOs’ impulses to slash payrolls. McDonald combines a lucid chronicle of McKinsey’s growth and boardroom melodramas with a serviceable, if sometimes cursory analysis of evolving—or at least retreaded—management theories. But the larger import remains, like that of the corporate world it symbolizes, a contradictory muddle.

Customer Reviews

Sheds Light On The Reckless Criminal Behavior of Goldman Sachs.

This book should come as a breath of fresh air to the millions of people and countries, (Greece),(USA), around the world who's lives and economies have been destroyed by these Wall Street white collar gangsters. It made me wonder why not one of these sociopaths has been brought to justice by the DOJ since the stock market crash and bailout of 2007 that Goldman Sachs and other firms orchestrated themselves.
Highly Recommended Reading!

Wall street unmasked

Really enjoyed reading this and learning about the workings of wall street from an insider. The story is told in a way that is easy to understand and sheds light on so many of the troublesome practices that effect the financial industry

Loved it

Great book read a couple pages of the sample and bought it immediately

Why I Left Goldman Sachs
View In iTunes
  • $14.99
  • Available on iPhone, iPad, iPod touch, and Mac.
  • Category: Biographies & Memoirs
  • Published: Oct 22, 2012
  • Publisher: Grand Central Publishing
  • Seller: Hachette Digital, Inc.
  • Print Length: 288 Pages
  • Language: English
  • Requirements: To view this book, you must have an iOS device with iBooks 1.5 or later and iOS 4.3.3 or later, or a Mac with iBooks 1.0 or later and OS X 10.9 or later.

Customer Ratings

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