Why I Left Goldman Sachs: A Wall Street Story Audiobook | Greg Smith | Audible.com
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Why I Left Goldman Sachs: A Wall Street Story | [Greg Smith]

Why I Left Goldman Sachs: A Wall Street Story

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.
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Publisher's Summary

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 Number One: 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.

©2012 Greg Smith (P)2012 Hachette Audio

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  •  
    peter Houten, Netherlands 11-25-12
    peter Houten, Netherlands 11-25-12 Member Since 2005
    HELPFUL VOTES
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    "Mixed bag"

    Although it has some interesting stuff, it raised some questions as well. The author was refused a promotion before he resigned, which puts his moral concerns about the business in a different light. In order to prevent the elites from getting richer and the poor getting poorer, he suggests more regulation of the financial markets by the powers that be/elites.

    That should make you stop and think. According to him, to get rid of too big to fail institutions, we need congress (those people that can not control their spending and borrow from their printing presses) control and regulate the financials. He also seem to have some hope that 115 regulatory bodies of the financial markets is not enough and 116 is going to make a difference. You can read the book about Madoff (Harry Markopolis) to see why regulation does not work (revolving door). The only thing that works is taking the way the gun on the head of the tax slave. Without the ability to dump losses on the tax slaves through the government power structure,

    Given he asks for more power for the few, to fight the problems of too much power for the few, I rate this book as a solicitation for a job as a regulator, to become part of the few and stick it to GS, who passed him over for promotion. He also must have smelled that there exists a market for railing against the big banks.

    1 of 3 people found this review helpful
  •  
    Gregorio Edgewater, NJ, United States 01-14-13
    Gregorio Edgewater, NJ, United States 01-14-13 Member Since 2009
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    "Do you have 9.5 hours to waste?"
    What could have made this a 4 or 5-star listening experience for you?

    Bringing something to the listener that was not so predictable. Also the author is speaking from a relatively low level point of view. If every low to mid level employee was aloud to write a book.....


    Has Why I Left Goldman Sachs turned you off from other books in this genre?

    No, I just think that I need to read reviews before making a purchase.


    Would you be willing to try another one of Greg Smith’s performances?

    Never!


    You didn’t love this book... but did it have any redeeming qualities?

    Nothing that was not said in his 1500 word op-ed.


    Any additional comments?

    Do not waste your money.

    0 of 1 people found this review helpful
  •  
    Sean United States 12-07-12
    Sean United States 12-07-12 Member Since 2012
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    "Quick and fun"
    Where does Why I Left Goldman Sachs rank among all the audiobooks you’ve listened to so far?

    Lots of personal detail. It is a good story though I might have hired a reader.


    0 of 1 people found this review helpful
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