Why I Left Goldman Sachs

A Wall Street Story

By: Greg Smith

Narrated by: Greg Smith

Length: 9 hrs and 30 mins

Publisher's summary

An insightful and devastating account of how Wall Street lost its way from an insider who experienced the culture of Goldman Sachs first-hand.

On March 14, 2012, more than 3 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 listener on his personal journey through the firm, and bring us inside the world's most powerful bank.

Smith describes in pause-resisting 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 12-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

unique perspective

Would you consider the audio edition of Why I Left Goldman Sachs to be better than the print version?

yes for me

Any additional comments?

refreshing to see pricipled and motivated young person inaction as antidote to pure greed

Rare inside view, somewhat self-promoting

Where does Why I Left Goldman Sachs rank among all the audiobooks you’ve listened to so far?

Not the BEST account of the financial crisis, however a very interesting take on the shift in culture that have taken place on Wall Street.

What did you like best about this story?

The rare look inside one of the most important financial institutions in the world.

Did the narration match the pace of the story?

Yes.

Did you have an extreme reaction to this book? Did it make you laugh or cry?

Not really. However, the key changes inside GS is nicely accounted for. However, it may be a bit narrow, due to the authors limited access to guys at the very top. It's more descriptive than offering actual explanations.

Any additional comments?

Worth using a credit on if interested in the inner workings of one of the most opaque yet influential institutions in the world. Not groundbreaking and the author seem to think very highly of Himself in se passages.

A Culture Story

Greg Smith describes how an organization's evolving values make their way into everyday behavior which over time become personally intolerable (both the behaviors and the values).

appreciated the level of detail in his descriptions of the characters and Wall Street life. It does not read like a rant. It reads like a sad break up story.

He seems hard working and smart; maybe not the warmest guy on the planet...I enjoyed his intelligent thinking and phrasing.

I learned a lot about Wall Street, which was one of my objectives. I am not delusional that he is entirely blameless, at the end of the day, but it is also obvious that there is plenty of blame to go around.

Not bad but not great

Interesting story, Greg is just not a guy you want to cheer for. He thinks very highly of himself.

Opportunistically Speaking

I'll start with I love an accent and had zero trouble listening to this book. I'm always happier when a writer can narrate their own book, because it brings authenticity. I also appreciate when a writer is in over their head and calls in a pro. Not the case, Greg Smith can read his own book.

I really enjoyed this book initially. South African boy does good, wins scholarship to Stanford, procures Wall Street Internship and amazing career ensues. Greg gave enough insight and definition to his (complicated) work, so a novice could follow along and not get bored or overwhelmed with jargon. I felt like I learned things and even found myself making the hand gestures to buy and sell, like I was standing on 'the floor' (people driving by just thought I was nuts).

My problem is Greg comes across as a lily-white, do-gooder surrounded by blood-sucking heathens. It just doesn't feel genuine when you elevate yourself at the expense of others. He was the only good guy in a sea of scum... right (said sarcastically). He writes openly about his peer's weaknesses, his superior's faults and personality quirks even about hanging out with strippers in a hot tub in Vegas with his GS bretheren (whatever happened to what happens in Vegas, stays in Vegas?). He burnt people to write this book all the while he is portraying himself as saint. He totally covered his own a## and made a premeditated exit from GS, while simultaneously ripping the rug out from the company that took VERY good care of him for 10 years. It feels kind of gross and disingenuous. I ended up not liking this guy.

Listen, I LOVE a juicy tell-all and I still respect people I've admired if I learned they've done something outside of my moral boundaries. I just think this guy saw an opportunity... that is it precisely... Greg Smith comes of as an opportunistic jerk and by the end of this book I stopped caring about what he had to say.

Great Entertainment

Who was your favorite character and why?

The GS manager who asked the female who was crying because a co-worker had been fired, "what did you major in at Villanova, emotionalism?" Typical

Was there a moment in the book that particularly moved you?

Any time he talked about what was said over the Hoot'n Holler.

Any additional comments?

In an industry where 70% of portfolio and hedge fund managers underperform the market in a good year, where failing bankers get million dollar bonuses, where we get a constant barage of BS artists posing as convincing prognosticators on CNBC every day, can anyone be surprised that Goldman Sachs looks after themselves before customers? Nothing new here, but a fun read nonetheless. This is why Warren Buffet tells recent college grads seeking jobs "to hold your noses and head to Wall Street".

One side of the story

Would you recommend this book to a friend? Why or why not?

Helpful if you want to get some insight into how Golman Sachs works internally. To get the other side read (unfortuneately no audio available) "Culture of Success" (although its a bit dated)

What about Greg Smith’s performance did you like?

I like books read by the author and this one in particular, his South African accent is a big plus.

Great read

Really liked the way the author has gone to describe the inner workings of Wallstreet

No Wonder Wall Street Wanted this Silenced

Would you listen to Why I Left Goldman Sachs again? Why?

Excellent expose of what is really going on there at Wall Street - how a premiere firm went from Client Focus to money grubbing focus, and how wall street finance "invented" the products and financial instruments that ultimately cost taxpayers billions to bail them out. Everyone with a pension or a 401K should read this. Well done Greg Smith for having the huevos to write this book.

nice llisten

What did you love best about Why I Left Goldman Sachs?

I can connect the story to my own official life

What did you like best about this story?

Ladders on Craig's office - starting from Judy
Every successful man have atlest one Judy in his life (I too had one - although I had not capitalized the opportunity like Craig)

What aspect of Greg Smith’s performance would you have changed?

Wall street story is always interesting

Was there a moment in the book that particularly moved you?

Nothing