( [EBOOK] Why I left Goldman Sachs ) by Greg Smith – imagesclip.com
characters ë eBook, ePUB or Kindle PDF ☆ Greg SmithIs 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 act these arguments simply don t merit any consideration discussion or mention at all beyond the aforementioned outrage that Tabbi s article provoked Further Merry Christmas, Daddy for all his bravado and bluster Smith is at pains to repeatedly claim that Goldman Sachs were unlike other Wall Streetirms that Roped in for really reals did some bad stuff In the yearsollowing the publication of this book we ve had the chance to ind 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 or 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 myopia and narcissism is inallegedly a microcosm of its deterioration at large If anything Smith s myopia and narcissism is in 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 Secrets of the Tycoons Bride (The Garrisons, for the public that causes aormer Wall Street exec to release a general interest book a mere Samanthas Gift 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 Streetirms Friscos Kid (Tall, Dark Dangerous for the public Go read that instead of this Smith certainly doesn t deserve any of your money Sadly it wasn t the schadenfreude cuminger pointing telling all that everyone hoped or after readying Greg s blistering op ed in the Times Replete with useless anecdotes about his girlfriend parties etc the book ends up embodying the very thing that people dislike about Goldman
And Wall Street A HighlyWall Street a highly person sells you something that doesn t end up having the value you thought it would you re left rustrated and they make gobs of money First up books like this are important We need insiders to come out and tell those of us on the outside what happened internally and why the markets crashed We do need courageous people like this to speak out and explain to those of us deeply affected by the decisions of the elite ew exactly what happened and exactly how they managed to tank the markets and the economy in 2008 Also they need to explain why we are still poised on the brink with sovereign debt in the US and Europe still a major concern So I commend Mr Smith A Colton Target for his courage in coming out and sharing his experiences with the worldSecond he does give an interesting perspective on how Goldman Sachs changedrom an investment bank into a hedge Love Isnt Enough fund and how they shifted their strategyrom caring about the customer to caring about their own margins He outlines the differenc. Etail how the most storied investment bank on Wall Street went rom 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 vampire suid that referred to its clients as muppets and paid the government a 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 ruitless Smith came to believe that the only way the system would ever change was Task Force Bride for an insider toinally speak out publicly He walked away A Soldiers Family (Wings of Refuge, from his career and took matters into his own hands This is his stor. Runs the very real risk of holding him to a standard that no other Wall Street executive is held to I ll concede that there is value here in what appears to me to be a genuine attempt represent the organizational dynamics 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 benefitrom this Unfortunately the book s value Desejo Indomado (To Tame A Playboy, 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 enoughor laypeople to get any grasp of the complexities of the US Dangerously Attractive (Harlequin Intrigue financial system yet Smith or his editor makes sporadic half heartedeints towards explaining the terminology that someone within the industry wouldn t reuire These attempts are not in any way grounded with the key knowledge that would be reuired or 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 Preciselyareas are precisely Why I Left Goldman Sachs ails 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 Cinderella Story Part 2 (36 Hours) 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 uiteruitfully 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 through pages and pages of bland mythologizing personal biography 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 perhaps the haste in which it was produced resulted in such a decidedly subpar product In one 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 A Ranchers Redemption fail to understand that Taibbi is one of theew 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 the 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 A Doctor, a Nurse, a Christmas Baby find out that Taibbi who was based in the Soviet Empire as itell. Y begins
in the summer of 2000 when an idealistic 21 year old arrives as an intern at Goldmanthe summer of 2000 when an idealistic 21 year old arrives as an intern at Goldman and learns about the irm's Business Principle #1 Our clients' interests always come irst This remains Smith's mantra as he rises rom 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; rom the career lifeline he received His Pregnant Christmas Princess from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachsrom extinction Smith will take the reader on his personal journey through the irm and bring us inside the world's most powerful bank Smith describes in page turning This book is terrible A uick summary would read like thisI did really really good in school and got into StanfordI did really really well at Stanford and worked really really hard and got an internship at GoldmanI worked really really hard at Goldman and got promotedI worked really really hard at Goldman aligned myself with the right people and got promoted againI kept working really really hard and aligning my self with the right people and I didn t really like where the industry was going so i resigned in the NY Times Reading this book evoked nostalgia or me As a senior at Princeton I remember having received my offer rom Goldman Sachs and not knowing what doors the opportunity would open but knowing ull well that I would embark on the next phase of my journey with the Private Arrangements (Forged of Steele, firm My pathway mirrored Greg Smith s in some ways we both worked in the securities division he in sales and I in trading And many of theirm s characteristics I could relate to And I recognize Greg s You Are Not A Gadget frustration But Greg srustration ultimately comes down to who he is as a person and in some ways reminds me of some of the problems I have aced in my own career Greg
Ultimately Does Not Caredoes not care his unction as a inancial intermediary as it aligns with the irm s own interest which is maximizing the Friendfluence firm s value to its owners and constituents Ultimately Greg cared about idea generation and content How else to explain his desireor a Rhodes Scholarship while at Goldman Sachs How else to describe his relentless pursuit of excellence in his writing and communication of ideas internally The gross credits and compensation served as yardsticks of his performance and his competitive drive propelled him to excel Both those One Part Woman formed his extrinsic motivators Intrinsically the ideas and panoply of the securities and trading business appealed to him and serving as the nexus of thelow as an euity derivatives salesperson at Goldman Sachs represented the apotheosis of his achievement Ultimately his own intrinsic goals conflicted with the Stranger firms intrinsic goals as they hador many years but only came to the Lewis.Tsurumaki.Lewis fore after a decade at theirm Smith s main critiue that the irm lost its noble pursuit of serving its clients in avor of serving itself The English Spy (Gabriel Allon, feels vapid and trite Mostor profit corporations strive to maximize profit or their Owners Constrained By Legal And Ethical Guidelines If Goldman Or constrained by legal and ethical guidelines If Goldman or other irm truly wished to serve its clients and held that as its utmost goal a potential course of action would have been to transfer all of the retained earnings of the Out of China firm to its clients to operate in such a manner to continueunctioning but without enriching its own owners Goldman had never done this no company does this today and no Mary Tudor for profit company should be expected to do this Smitheels rustrated and I empathize but I don t sympathize He was never meant to generate wealth or Goldman Sachs because that was not his ultimate concern Despite the largely mediocre reception this book received I was nonetheless exited to read it I thought that Smith was brave to do what he did My usage of the term brave is contextual ultimately I don t allocate much of my empathy to a man whose primary interest The Accidental Tourist for the time period depicted in the book was receiving an annual 1mil bonus However any criticism of Smith. An insightful and devastating account of how Wall Street lost its wayrom an insider who
Experienced The Culture Of Goldmanthe culture of Goldman irst hand On March 14 2012 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 Christmas Catastrophe fromormer 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 uestion 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 Collected Poems few short years ago Smith now picks up where his Op Ed left off His stor.