Ex-Goldman Sachs Trader Pens Book Explaining How The Bank Rips Off Its Customers
Ex-Goldman Sachs Trader Pens Book Explaining How The Bank Rips Off Its Customers
By Pat Garofalo on Oct 18, 2012 at 4:35 pm
Back in March, a Goldman Sachs employe, Greg Smith, publicly resigned via a New York Times op-ed, decrying the firm’s “toxic” culture. “To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money,” Smith wrote. “It makes me ill how callously people talk about ripping their clients off.”
Smith has penned a book about his experience that is due to be released this month. Politico received an advance copy of the book, in which Smith expands on the activities in which Goldman traders engaged, particularly when it came to betting against the very clients they were supposed to be serving:
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The idea was to advise clients to bet on the opposite outcome of what the firm believed would happen so it could profit by taking the other stance, he wrote.
“We must have changed our view on each of these institutions from positive to negative back to positive 10 times,” Smith writes. “I remember thinking, ‘How can we be doing this with a straight face? No thinking client would believe that conditions on the ground could change that frequently.’”
http://thinkprogress.org/economy/2012/10/18/1042721/goldman-sachs-book/
http://www.politico.com/news/stories/1012/82535.html