Why I left Goldman Sachs [Download Read] ☆ Greg Smith – nikeuktrainers.co.uk
Perhaps the haste in which it was produced resulted in such a Decidedly Subpar Product In subpar product In completely unironic aside he recounts his outrage at Rolling Stone s Matt Taibbi s description of Goldman Sachs as vampire suids although he doesn t in any way inspect this reaction or try to consider why some of the public might be sympathetic to it Smith seems to fail to understand that Taibbi is one of the few journalists who translated the drivers of the Global Financial Crisis in 2009 to the public I would strongly recommend any reader who is looking to understand this matter consider Tabbi s
work in the epilogue which is just about In the epilogue which is just about only time that Smith gets anywhere close to mentioning the ideological purity that allegedly spurred his titular departure he proudly proclaims that that is he is capitalist I don t think he bothered to find out that Taibbi who was based in the Soviet Empire as it fell is one as well We do not hear about Goldman Sachs involvement in the Great Depression the dot com boom the subprime mortgage crisis or the 2008 9 energy crisis Smith does not bother to refute the arguments that Goldman s critics have levelled in fact these arguments simply don t merit any consideration discussion or mention at all beyond the aforementioned outrage that Tabbi s article provoked Further for all his bravado and bluster Smith is at pains to repeatedly claim that Goldman Sachs were unlike other Wall Street firms that for really reals did some bad stuff In the years following the publication of this book we ve had the chance to find out about Goldman Sachs through the gradual release of information regarding their involvement in the 1Malaysia Development Berhad scandal and the Greek national crisis Any member of the public would be better informed by any news article detailing these scandals than Smith s book which repeatedly insists that the organisation did nothing wrong Smith doesn t bother to provide any explanation as to why they did nothing wrong but we re assured that they didn t I am not being hyperbolic when I say this explanation is completely absent Just about the best reason he offers for his resignation is that the London office refers to its clients as muppets which is allegedly a microcosm of its deterioration
"AT LARGE IF ANYTHING SMITH S "large If anything Smith s and narcissism is in and of itself much telling about the nature of investment banking than this book could hope to be It is a genuine and deep seated lack of respect for the public that causes a former Wall Street exec to release a general interest book a mere four years after the Global Financial Crisis plunged markets globally into collapse and not to bother to engage with it It s a symbol of the poor state of discourse that Rolling Stone is left to produce some of the most lucid and accessible analyses of Wall Street firms for the public Go read that instead of this Smith certainly doesn t deserve any of your money I sometimes read business books as a way of getting a business education on the cheap This is a book I picked up for 100 yen and decided to read on a whim And what an investment No pun intendedI finished it in three days on the bus to work The book is a fantastic read for anyone who is about to begin their career or who is interested in working in finance The book is an honest and plainly written look at a career in the making Though the book also tells the story of the decimation of Goldman Sach s legendary client oriented culture and the degradation of fiduciary responsibility on Wall Street I think the book works best as the memoir of a young professional In many ways I think these stories mid level professionals the non Steve Jobs of the world are important than big name biographies because they point to how normal people struggle with the conflict between career advancement and staying true to values Well done Mr Smith. Etail how the most storied investment bank on Wall Street went from taking iconic companies like Ford Sears and Microsoft public to becoming a vampire suid 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 stor.
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"value here in what appears to me to be a genuine attempt represent the organizational "here in what appears to me to be a genuine attempt represent the organizational of Goldman Sachs I agree with another reviewer who holds that the book is best viewed as a memoir of a young professional I think new graduates in particular will benefit from this Unfortunately the book s value for me really ends there Fundamentally the book just isn t worth the space it consumes For starters it s hampered by a lack of clarity around the intended audience The prose is nowhere near lucid enough for laypeople to get any grasp of the complexities of the US financial system yet Smith or his editor makes sporadic half hearted feints towards explaining the terminology that *someone within the industry wouldn t reuire these *within the industry wouldn t reuire These are not in any way grounded with the ey nowledge that would be reuired for the layperson nor are they even consistently provided throughout the text It s a massive indictment of this book that its author emphasizes the values of communication and the generation of original content repeatedly these areas are precisely where Why I Left Goldman Sachs fails The text s hagiographic leanings are poorly disguised The prose is written in an affected blandly neutral tone in what I assume to be an attempt to pre empt criticism that Smith s departure was driven by much base emotions following the author s comparative lack of career success If I m correct his attempt is unsuccessful The book is literally all personal anecdote I m not even necessarily opposed to that there is the potential to be mine biographic experience uite fruitfully but this book doesn t hit any of it The text is strongly misallocated in tone and real estate the reader treks through pages and pages of bland mythologizing personal biography and trite office gossip We re treated to endless onanistic yapping about some bloody emails that Smith wrote to his clients and how this made him a superior employee I get that the test results that Greg Smith achieved on 13 July 2001 and the time he reckons he almost trounced someone at ping pong is important to him What I don t think he understands is that it s not important to anyone else The book was obviously written to capture the attention that Smith received in the wake of his 2012 New York Times op ed but. Y 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 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