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

Best stock market book

This is definitely the best stock market book I have read. And I have read quite a few.

Great Read to Learn About the Ins and Outs of WS

Would you recommend this audiobook to a friend? If so, why?

I thoroughly enjoyed the book. Listed to it over two days. At first I thought that Greg Smith's accent was going to bug me, but I think he was the right person to read the book as his passion came through at different points. I found the story fascinating coming from a kid in South America, to getting a scholarship to attend Stanford (Which he would not have had enough money to attend), to an internship with Goldman Sachs, to a job with GS and his ups and downs throughout his career on WS (thoughout the financial crisis). For those of you into finance and investments this is a must read. He gives you a real world perspective on what goes on in these big banks and not always good. He also appeared on 60 minutes about the content in the book as well.

a great listen for the inside story

What made the experience of listening to Why I Left Goldman Sachs the most enjoyable?

Being narrated by the author made the listen more compelling. He gave a factual account without attacking the character of his collegues named in the book.

Any additional comments?

Greg Smith's moral integrity triumphed over greed.

Fascinating Read on Goldman Sachs

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

Definitely would reread some parts of the book. Especially the details explaining derivatives/SWOPS and how GS was involved in 2007-2008 Financial Fall.

What other book might you compare Why I Left Goldman Sachs to and why?

Lords of Finance-Great book on the 4 major world powers in the early 1900's on they dealt with Gold Standard.

Which scene was your favorite?

Explanation of GS involvement with the whole 2007-2008 Financial Fall

great read

if you are ever skeptical about the Wall Street Machine this will confirm your fears. very good read.

Insightful

I admire Greg Smith's thoughtful account into the people and culture of Goldman Sachs and the broader “Wall Street” world -- you can tell that he is intelligent, hard working and most importantly has a strong moral compass. From a trader’s viewpoint, he has a unique perspective of the markets, futures & derivatives, and how one of the most prestigious firms survived and even thrived in the midst of a potential financial meltdown not seen since the Great Depression. It’s hard not to admire Greg’s courage to tell this story and follow the choices he made. Lesser people would not have done the same.

You can tell that Greg remains a “culture carrier” and remains respectful of the many brilliant and dynamic people he worked with during his career with the firm. There is no bitterness, and he is not naïve -- greed and conflicts of interest occur everywhere. It’s a good read and I recommend it to anyone who wants a better understanding of what is happening with our economy as the “smartest” people in one sector influence so much of our lives.

As a Wall Street insider this book isn’t bad

This book does a good job at explaining Wall Street investment and culture concepts. However the narrator’s voice and tone was so dry that it quickly became hard to pay attention to. I work at a Wall Street firm and listened to this audiobook while working from home, his story and career are impressive and accomplished. But the overall dryness of the plot was rather boring. I’d recommend the best seller “Buy-side” for a more action packed and entertaining plot. This book is more informative and self validating more than anything.

Fantastic story.

Heartfelt, interesting, and eye-opening. A nice slice of recent financial history. Buy the book.

I Wish I Could Like Him

Would you try another book from Greg Smith and/or Greg Smith?

Not a chance

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

He has a very annoying accent but I guess that is not his fault.

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

It is an interesting story and all points of view are valid- he is a credible insider to a world that is unfairly reviled by mainstream society.

Any additional comments?

I am not an investment banker, but I do know some, have worked with some and considered becoming one when I left Oxford. Let us be under no illusions, investment banking is not exactly a client focussed game, nor does it give a lot back to society but it is far from the evil that society (especially Brits) seem to suggest these days.

Greg Smith is obviously very smart, probably credible and he has definitely been close to the centre of one the greatest/ largest investment bank in the world during some pretty major events. However, boy does this guy love himself. Some of the quotes and passages are just cringe worthy- apparently he never put a foot wrong, or if he did it was only once and he learnt from his mistakes. He was the 'go to guy' for just about everything and the greats within the bank showed him enormous respect. I'm just not sure I believe all of that. He just doesn't come across as very likeable.

Not coming across as very likeable would be fine if the book were a well written, well argued insight into the real workings of Goldman Sachs. Sadly, it isn't. The book is basically a life story, rarely exciting, occasionally interesting but mostly just one low level guy's story of working in an investment bank. Most of the book seems to state the obvious- would you have guessed that the recruitment process is tough and stressful for a job that pays 250k a year to 22 year olds or that once you get said job you would be expected to work long hours or pass exams first time?

This book could have been so much more, an academic, well reasoned argument about why Goldman Sachs is bad/ evil/ changed from good to bad. What you get is mostly a whinge from a low level guy who didn't make it. He is clearly in love with the bank and fell out of love when it didn't give him exactly what he wanted.

He maybe right- I just don't know but after sitting through 10 hours of the book, I'm not sure I care. Greg may have a wonderful future ahead of him, he may even be a great guy but he certainly doesn't have a future in writing.

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.