GOLDMAN STRIKES BACK: Bank Says Greg Smith Wrote 'Muppets' Op-Ed After Being Denied $1 Million Raise

Greg Smith

Photo: Goldman Sachs via NYTimes

Goldman Sachs is striking back ahead of the release of Greg Smith’s tell-all book later this month.Bloomberg TV’s Stephanie Ruhle and Erik Schatzker report that Smith, the former Goldman vice president who resigned publicly via a scathing op-ed in the New York Times, wasn’t happy about the way he was paid, Goldman Sachs says.

Goldman has released findings of an internal probe following the Smith op-ed, which was published back in March, Bloomberg TV reports.  

Goldman says that Smith wrote the op-ed after being denied a raise to $1 million and a promotion to vice president in December 2011, according to the report.

At the time, he was working as an executive director in London and was said to have been making around $500,000 at the time, according to Bloomberg TV. 

Here’s what one of his managers said in an email from January 2012, according to Ruhle and Schatzker’s report: 

“Greg Smith off the charts unrealistic, thinks he shld [sic] trade at multiples.”

In his scathing op-ed, Smith described the bank’s environment as “toxic and destructive” and claimed that senior level Goldman employees referred to their clients as “muppets” in internal emails. 

Smith’s memoir “Why I Left Goldman Sachs: A Wall Street Story” comes out on October 22. 

Lloyd Blankfein told CNBC last week that he’s “not really concerned about the revelations” from the book, but he’s “not looking forward to the hoopla.” 

SEE ALSO:  Now We Know What Happened In That Las Vegas Hot Tub With Greg Smith >

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