Goldman Sachs Executive To Get Book Deal?
By LitNews | March 15, 2012 No Comments
Book Deal For Scathing Goldman Sachs Commentator?
Is former Goldman Sachs executive Greg Smith about to land a major book deal?
According to a report in the Toronto Star today, a deal might soon be on the way.
Op-Ed in New York Times about GS Culture
By now, you may have heard about or personally read the scathing op-ed Mr. Smith wrote about in the New York Times this past Wednesday.
In it, he revealed the depths of the toxic GS environment, where “people…pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals.”
And they do this every day.
Of course, folks will debate all they want about the possibility of Mr. Smith cashing in on his new-found fame, even while scorching capitalism at its worst. But, I wouldn’t blame the guy for either of those things, actually. I just want to hear more about the culture of Goldman Sachs.
Money, Money, Money
In the op-ed, Mr. Smith went on further and discussed how the “little guys” at Goldman Sachs are directly modeling their behavior by those who are higher ups, stating that, “the most common question I get from junior analysts about derivatives is, ‘How much money did we make off the client?’”
None of this comes as a surprise to the 99%, but it does make a great read to hear it from the lips of the 1% (even though Mr. Smith might not technically qualify as a one-percent-er, though I’d suspect he does).
And while I don’t read a lot of non-fiction, unless it’s historical or religious, I think a book like this could be a great insight into a world few of us see up close (though, ironically, us little folks would just be putting more money back into the pockets of a successful publishing company and a newly resigned Wall Street Executive if a book deal is struck).
Ah, well. That’s too bad. Because I would buy it and read it anyway, especially if the book had added value of discussing the mental and emotional state of many of these men in power.
I mean, did you know that a study in 2011 by psychologist and executive coach Paul Babiak found that – in a survey of 203 American corporate professionals – one in 25 bosses may be psychopaths (I only mention bosses because, according to Mr. Smith, under the guidance of the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, the firm has finally and fully lost itself) One in 25! That’s a rate that’s four times greater than in the general population.
Not that this means they’re going around with a chainsaw in hand like Christian Bale did in American Psycho. It does, however, mean that these types of people are characterized as being completely amoral and concerned only with their own power and selfish pleasures.
And in a competitive, amoral company like the one Goldman Sach’s is alleged to be, such traits are encouraged because the almighty dollar is God, greed is considered good and profit making is the most important value – in order words, it’s an environment where psychopaths can thrive.
Now, a book on this topic might not do anything to change the Wall Street culture, but an open dialogue about it might save a few souls from worshiping at its altar.
I say, bring the book deal on, baby!