Don’t fall out of your chair – the deluded ping pong champ Greg Smith, who thinks Goldman’s culture “changed” over the last 12 years, was shopping his book proposal around to publishers in NYC this week. Yes the op-ed he wrote earlier this month turned the financial media upside down – but the reality was far less interesting as I explained here.
From the New York Times:
According to several people who were present, Mr. Smith described his book as a coming-of-age story, the tale of someone who came into the business with good intentions and sky-high ideals that were ultimately pierced by Goldman’s obsessive focus on making money.
It would also be a story of the history of Goldman Sachs and the perceived change in the culture of the firm that left Mr. Smith, a native of South Africa who lived in London, disillusioned and eager to leave after spending nearly 12 years there.
A few things to consider:
1. He’s full of shit – Goldie was is and always will be about the dollar – not about the customers. Just because he grew a conscience, doesn’t mean the place changed.
2. He missed his moment – Goldman-baiting is so 2010. Besides, it takes 11 months from contract to the book being published, will anyone still care? I won’t.
3. The only reason I hope this book deal happens is so there’s a movie with a Muppet tie-in at Burger King, need new 32 oz plastic character cups.
4. Backstage Wall Street will always be the superior take on the subject mattr, this guy has no shot at surmounting the majesty of what’s already been written by yours truly on the topic of Wall Street’s ethics.
Good luck, Greg.