Why I Left Goldman Sachs

A Wall Street Story

By: Greg Smith

Narrated by: Greg Smith

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 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.

An anecdotal experience, but compelling story

Any additional comments?

This was just one man's experience and the reader risks confirmation bias, but it was a compelling story and well-told. For an interesting look into one man's journey through his career at Goldman, this book is a great choice.

Great book

I enjoyed this book and it held my interest throughout. It's a real inside look at finance. I agree with Greg. Whatever happened to corporate responsibility? It seems like Goldman Sachs thinks it doesn't apply to them. This book tells an interesting story from college through vice presidency for Greg! Nice work.

Must Read for any financial professional

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

The honesty expressed about what really happens at GS and how the culture changed as the economy got worse was brutally clear.

What was one of the most memorable moments of Why I Left Goldman Sachs?

When he sat down at his desk to collect his things and leave. It must have been a powerful moment for him and yet he never seemed to waiver in his conviction.

What about Greg Smith’s performance did you like?

As the narrator he was able to use voice inflection and his personal tone to bring the story to life. I have known several South Africans but his accent on some words was really funny.

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

As a former management intern I appreciated the struggle to get a full-time position and also the cutthroat behavior of many Ivy League candidates.

Any additional comments?

It should be mandatory reading for CEOs and interns alike of those who wish to maintain a culture that is somewhat "old fashioned" in the way that it treats its customers. Here I mean "old fashioned" in a positive context. One where the client is not ever a muppet, lol!

Educational and suspenseful

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

Greg Smith's performance was excellent and the story interesting and easy to follow.

What did you like best about this story?

It was not written in a hateful manner. It is information everyone knows is going on but is not written about.

What does Greg Smith bring to the story that you wouldn’t experience if you just read the book?

His voice made you understand his up bring in South Africa and the love of his new country.

If you were to make a film of this book, what would be the tag line be?

The truth is always stranger then fiction

Required reading

I am a financial crisis junkie and have listened to most of Audible's offerings on the topic. Simply put - those who do not know history are destined to relive it. Matters of finance are so complex that it is difficult for most to grasp what happened. For that reason, it still goes on. We cannot stop what we do not understand.