Greg Smith e Goldman Sachs

Quando em março Greg Smith renunciou  ao cargo de diretor executivo e vice-presidente da Goldman Sachs publicou um artigo no The New York Times com fortes e graves acusações à cultura da Goldman Sachs, qualificada de "tóxica e destrutiva".

Recentemente publicou o livro "Why I Left Goldman Sachs" e deu uma importante entrevista ao programa 60 minutos da CBS.

Este corajoso depoimento merece ser lido com atenção. 

3 comentários:

  1. Ainda bem que o Regador se interessa por este acontecimento.
    Para quem tem dificuldade em entender o inglês no programa “60 minutos”, sugiro esta entrevista em francês

    Goldman Sachs : Un ex-dirigeant accuse la banque de plumer ses clients

  2. After much ado about Greg's Smith "Why I left Goldman Sachs", I decided to open the book, trying to find an answer to the question that had been recently circling in my head "Why did Smith really write this book?" My suspicion until before opening it had been that he intended to gain the famous 1 million dollars he had been denied during his latest evaluation at GS, but I tried to keep an open mind. The book carefully details the beginning of Greg's career at GS during all its stages and an ample review of most of the characters that populated this world. Here and there, Greg takes the opportunity of hinting at how the culture at GS was in those years, from 2000 to 2009, eroding and those good old fashioned values, principles of fiduciary duty were becoming a thing of the past. Greg reports of few good men still exerting those values, complementing the description by making the reader understand that they would soon be out of the GS universe. A universe which, Greg, wanted to be very much part of. The book unfolds several chapters of the authors' life in his career's path and he does not stop reinforcing his conviction and passion to be involved in variable products of a "superior speculative nature", together with his non-interest in more durable assets. He clearly details his interest in sales and trading, in his words "the last bastion of pure and authentic capitalism".

    Up until the middle of the book, Greg succeeds in a rather boring series of anecdotes told in a very naive style which, at times comes off as quite exaggerated. The point that Greg seems to be wanting to make is that GS used to be a financial player that was once trusted by its clients for its higher integrity and moral values and which has, over the years, become a vampire of capitalism, an evil which his leaders have succeed in making "necessary" to continue prospering in spite of every financial turmoil. Well, like many other readers, I was already of the mind that GS was the institution that we know today and there is nothing in Greg's book that comes near to any further revelation.

    Nothing to compare with one of the latest film that documented the crises "Inside Job" and which gave a much more detailed account of GS and other Wall Street players. The material in the book is a vague account of part of the experience of the author during his career at GS. Nothing more, nothing less. Nothing wrong with that. What we must remember though, is the title of the book, which seems to remain unanswered. Or is it? If Greg decided not to include shocking revelations, he could have at least, profiting from his experience, make it into an informative pamphlet for society into the risks of Wall Street trading and in the behind the scenes of quant geniuses that are behind some of the products which partly led to the crises in 2009. Greg fails to inspire readers and mostly he fails to demotivate young potentials (mathematics or physics graduates) from wanting to join GS or other financial players.

    The question that remains is the following: Is the book just a missed opportunity or is it a way for Greg to get his missed bonus of 1 million dollars that GS denied him? If that were the case, he decided to follow into the footsteps of his formal employer, simulating objectivity and betting against his clients by cheating his readers who paid for the book.

    As a final note, a lead to an interesting documentary for those who wish to delve into the fundamental synergies of Wall Street: Quants: The Alchemists of Wall Street".

  3. Grande merci, Flavia de votre opinion sur ce livre. Merci, aussi, pour les questions que vous posez et de la suggestion que vous donnez!
    Espero que alguns leitores do Regador possam aproveitar desta opinião. frei Eugénio