Why I Left Goldman Sachs: A Wall Street Story (2012) - Plot & Excerpts
골드만삭스판 라이어스 포커다. 골드만삭스의 문화, 영업환경, 영업행태 등에 대해서 자세히 알 수 있다는 점에서 재미가 있다. 하지만 작가의 글솜씨가 모자란 탓인지, 번역이 부족해서인지 몰라도 내용이 산만한 느낌이다. 그리고 글 후반부에 골드만삭스를 비판할 때 너무 단점들을 임직원 전체에 일반화시키는 것 같다는 생각이 든다. Poor Greg Smith, he worked at Goldman Sachs and not only was he forced to take the subway periodically to save some cash (his $500,000 a year was really a pittance), but there were long lines at the cafeteria!! Really long lines! I read this book really quickly and there were some interesting tidbits in it (I didn't realize that Hank Paulson didn't have to pay capital gains taxes when he sold his Goldman stock to become Treasury Secretary), but overall I found the tone off-putting and just...off. Greg Smith seems like an affable enough guy, but he takes pain to tell the reader, over and over, about how he only made one mistake his entire tenure at Goldman, and how he was super popular and everyone loved him. He reminds us that he sends money home to South Africa all the time, so his complaints about his low income are valid. He also loves name-dropping. I got irritated that every time a woman is mentioned we hear about whether or not she's attractive, and the details about his relationship with his girlfriend were totally unnecessary. I found his behavior at the end really odd too. It seems like because he didn't like the London office he decided that he hated the whole company. I think I really started to turn against Smith when he described how he was feeling when TARP was going through Congress. A close friend calls and asks Smith if Wall Street really deserved to be bailed out, and asked all the questions everyone not affiliated with banking was asking and continues to ask. Instead of seriously considering the issues or what responsibility he himself might have, he whines that his friend isn't being a good friend and that he's really stressed out. Boo hoo. Ultimately my main issue with the book is that I don't buy Smith's theory that Goldman was an upright, reputable, exceptional investment bank until the crash and recession, when it became money-hungry and only focused on itself. Sorry, but I don't think Goldman is smarter or more special than any of the other firms. They were lucky to be bailed out and they are just as guilty as all the others. Smith acts like Goldman was the only investment bank that understood derivatives and all the other crap they were selling.I found it very surprising when Smith was shocked that one of his bosses informed him that it's all about the numbers and making money. Where does he think he works? Of course it's all about the money! It's Wall Street!! Sure I believe when he says the Goldman culture has gotten worse, and I agree with him that reforms are in order, but ultimately this is not the book that will get us there. We need a more nuanced, detailed, and balanced look at where Wall Street has been, where it's going, and what we need to do to protect the public from its irrationality and irresponsibility. I have a few other financial books on my to read list, and am hoping one of those is that book since this one fell so short.
What do You think about Why I Left Goldman Sachs: A Wall Street Story (2012)?
This book provided me with good lessons and insights into (a) working at GS, (b) how to be a top player at GS, (c) how to excel professionally straight out of college, (d) how to network, (e) how to paint a narrative that's engaging yet concise, and (f) mind of an exceptionally driven and smart individual. From the perspective of my recent-grad-who-previously-aimed-to-work-at-GS mindset, this book was not only entertaining, but highly educational. However, I did not enjoy the contradictions, hypocrisies and self-promotions in Smith's writing. To single out individuals and paint them with handpicked soundbites reminded me too much of reality TV shows. Moreover, I could not help but to notice a little bit of a psychopath in Greg Smith. His highly-manipulative mindset put me off by end of the book, and his self-portrayal as the "good guy" did not win me over due to his disloyalties to his colleagues and friends (despite his claims to the contrary). I praise him for sparking much-needed debate and interest in financial reform, but, as some of the other commenters rightfully assert, to expect a cultural shift back to the old days of "put the client first" in a firm like GS, at least beyond the surface level, is downright absurd.
—huda
Entertaining, while informative, Greg Smith offers a lot in his short account of his time at GS (I appreciate that this book could have been twice its size). Undoubtably, Greg's message is to exact change or at least reflection in the financial sector; but being Greg's junior, I found this book inspiring (re: his dedication and achievement in 12 years with GS). It's much easier for me to relate to Greg than to Hank Paulson.
—Angel1
