Politico’s MJ Lee has obtained a copy of the tell-all book of Greg Smith, the former Goldman vice president who resigned publicly via a scathing op-ed in the New York Times that lambasted the bank’s culture.
The book, which comes out on October 22, is called “Why I Left Goldman Sachs: A Wall Street Story”.
Smith’s memoir is said to include things like shenanigans in a Las Vegas hot tub and excesses of the real estate boom.
Here’s what Smith said happened in the hot tub, according to Politico:
Fast forward a few years, as an associate in 2005 who was making a handsome $200,000 after taxes, Smith attended a colleague’s bachelor party in Las Vegas, where he got a front-row seat to the kind of weekend fun “Goldman heavy hitters” could afford to have.
The next afternoon, Smith and his other hung-over companions would find themselves in a hot tub at the Mandalay Bay hotel, accompanied by a topless woman dubbed “Ms. Silicone.”
If you recall from his op-ed that was published back in March, 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.
Here’s what Smith said it meant to be a “muppet,” Politico reports:
“Being a muppet meant being an idiot, a fool, manipulated by someone else. Within days of arriving in London, I was shocked at how many times I heard people — both very senior and very junior, refer to their clients as muppets,” he writes.
Clients were labelled muppets when they didn’t understand a complex markets concept or if they had trouble comprehending options pricing theory. Once a client was called a muppet who “had no f——— clue what he was doing.”
So far, the book sounds pretty tame.
What’s more is Goldman Sachs CEO 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.”
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