For one ex-employee, at least, it’s lucrative to rail against the Vampire Squid. Former Goldman Sachs executive, Greg Smith — who memorably resigned from his long-time company in Jerry Maguire-style using a bombshell New York Times op-ed a few weeks ago — is reportedly getting a seven-figure book deal to, we can only assume, share more scathing stories about the investment bank.
According to the New York Post‘s Media Ink, Smith will be getting $1.5 million dollar advance from Hachette Book Group’s Grand Central Publishing to write about “his life and times” experienced at Goldman. His salary was, the paper said, only $500,000 yearly when he was still in the employ of the company.
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When Smith resigned only a few weeks ago, his scorched-earth op-ed reverberated around the New York financial world and beyond. He not only ripped into the “toxic culture,” but said that in internal meetings “not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them.” Memorably, he also said that clients were referred to as “muppets” (which inspired this parody op-ed).
In damage-control mode the day of the resignation, a Goldman spokesperson told the Wall Street Journal, naturally, that they “disagree with the views expressed.” A circulated internal memo by the investment bank’s CEO Lloyd Blankfein said that in “a company of our size, it is not shocking that some people could feel disgruntled” adding that “it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper”.