Everyone Is Coming To The Same Depressing Conclusion About Greg Smith's Goldman Sachs Tell-All

Greg Smith

Photo: Goldman Sachs via NYTimes

Now that a number of journalists have seen Greg Smith’s Goldman Sachs book, we can do a fly-around and see what the general take-away is.And usually, when controversial books like this comes out, there’s a debate about the contents and what it means for Wall Street at large — so we expected fireworks.

In this case, that just isn’t happening. Even journalists who are critical of Goldman Sachs are saying, aside from a hot tub scene and some internship insight, this book is a snooze fest.

Take Goldman vet and Bloomberg columnist William Cohan for one. He literally wrote the book on Goldman, Money and Power: How Goldman Sachs Came to Rule the World, and his wife happens to be an executive at Grand Central Publishing, the company that paid Smith $1.5 million to write the book.

In his piece, he calls Greg Smith a con-man. Not because anything he said was untrue, but because he has us all sitting up and listening for nothing.

Here’s Cohan’s take (via Bloomberg):

What to make of Goldman Sachs Group Inc.’s release to Bloomberg News of internal self-assessments and peer reviews of Greg Smith, who left the firm in March through a notorious op-ed piece in the New York Times. While the release of the documents does raise troubling questions for the bank itself, what they reveal about Smith — without question — is that he is nothing more than a sweet-talking con man.

He conned the Times into thinking he was resigning from Goldman Sachs on principle, when he was really nothing more than a disgruntled and ambitious former employee who wanted a bigger bonus and a bigger title and got, and merited, neither.

Andrew Ross Sorkin put in his two cents about Greg Smith’s Goldman Sachs tell-all book on Squawk Box this morning as well (h/t qz).

His verdict is the same It’s a snooze fest, and he wants the time he took skimming the book back.

“It reads like a diary… the most interesting this is his one brush with Lloyd Blankfein” (in the gym bathroom where he saw Blankfein naked).

Sorkin agree with Cohan on the idea that , The New York Times as well for running the original op-ed.

“I feel in a way he might of conned the NY Times for running the op-ed… he may have conned 60 Minutes,” (where Smith will do an interview on Sunday).

“He may have conned everyone else,” Sorkin continued.

Check out the video below:


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