“Tell-all” Goldman Sachs book lacks new info

By Wire services | October 22, 2012 | Last updated on October 22, 2012
1 min read

Ex-employee Greg Smith’s 277-page book, Why I Left Goldman Sachs, is now for sale.

But while it paints an unflattering picture of the firm, reports FT.com, it doesn’t contain any new information that could jeopardize the U.S. investment bank.

Smith’s resignation coincided with a New York Times op-ed piece where he blamed the bank, saying it put profits before clients’ interests and staff mocked clients, calling them “muppets.”

Read: Goldman Sachs “muppet hunt” finds little substance

At the time, the column was blamed for a $2.2 billion drop in Goldman’s market capitalization.

Read: Goldman resignation letter stirs hornet’s nest

However, Smith’s book lacks new evidence the bank acted against client’s best interests, although it could make for uncomfortable reading for some senior Goldman employees, reports FT.com. It describes brief encounters with Lloyd Blankfein, chief executive, whom he saw “air drying” nude in the bank’s gym; and Gary Cohn, chief operating officer, who Smith says showed up to a Christmas party “ringed by bodyguards.”

Read: Goldman Sachs fined $22 million

Wire services