In March of this year, Goldman Sachs executive director Greg Smith wrote an opinion piece in the New York Times titled, “Why I Am Leaving Goldman Sachs,” in which he outlined his decision to end a 12-year tenure with one of the most successful investment banks in the world. In that declaration — which I wrote about back when I reviewed Matt Taibbi’s Griftopia — Smith put the fault on a shifting Goldman culture, where “the interests of the client continue to be sidelined in the way the firm operates and thinks about making money.”
Critics called Smith’s op-ed naive, but I found it decently badass, and so was fairly excited for Why I Left Goldman Sachs, the book. It held the allure of additional juicy Goldman tidbits — like the Times essay’s disclosure that clients were often referred to as “muppets” — and other embarrassing examples of the kind of corporate greed and financial whimsy that lend credibility to the idea of the 99% versus the 1%. I didn’t expect Smith to divulge any massive illegal folly on Goldman’s part, so much as to remind us why we should be angry that these are the people who run the institutions we’ve deemed too big to fail.
Unfortunately, not only does WILGS fail to be particularly earth-shattering with respect to the financial sector, it for the most part fails to be particularly interesting as a book. Smith, a mediocre writer at best, gets lost in the story of his own humdrum advancement at Goldman, and appears to be confused about what does or doesn’t rate as memoir-worthy. While some degree of exposition is to be expected, it’s not until more than halfway through the book that Smith even begins to outline the subject on which its title is based. Nor does the first half feel particularly relevant, except as an overt ploy to qualify his ultimate disillusionment (“Before we get into why I left Goldman, let me explain that I am clearly a smart and awesome person.”) Listen, I don’t care that you took three years of Zulu, Greg. I don’t care that you visited the first-ever Wendy’s, or how good you were at using the trading desk’s time-stamping machine, or where you buy your shirts, unless it’s a shirt store fronting for a purveyor of diamond-encrusted toilets, or something I don’t know, a little more Goldman Sachs.Continue reading “Why [no one really cares that] I left Goldman Sachs”