Ex-Goldman Sachs Exec Sells Tell-All For $1.5 Million

Greg Smith book deal Goldman SachsBy Matt Egan

Just weeks after gripping the financial world with a scathing op-ed piece about Goldman Sachs, Greg Smith has reportedly landed a seven-figure advance on a book deal.

According to the New York Post, the Hachette Book Group's Grand Central beat out rival publishers after a heated bidding war, agreeing to pay Smith a lofty $1.5 million advance to write a memoir of his experiences.

Offers to secure Smith's work topped $1 million by the middle of this week and on Wednesday the Penguin Group dropped out of the running, the paper reported.

Earlier this month Smith penned an op-ed that appeared in The New York Times, describing Goldman as "toxic and destructive" and criticizing it for not having the best interests of clients at heart.

Smith blamed the Wall Street firm's leadership and said he can "no longer in good conscience ... identify with what it stands for."

Goldman pushed back, disputing Smith's claims and portraying him as a relatively low-level employee who was suffering from sour grapes.

It's easy to see why the publishing world raced to secure the rights to Smith's story as Goldman is seen as public enemy No. 1 by many in the anti-Wall Street crowd.

The Smith Op-Ed made national headlines because it matched criticisms of Goldman and marked a very rare example of a former employee breaking ranks with the firm.

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Greg Smith's Jerry Maguire Moment and Feeling Sorry for Goldman

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And who says books don't sell!

May 22 2012 at 1:28 PM Report abuse rate up rate down Reply

Perhaps, in advance of the book release G-Sachs, FTC, US Congress and US Senate would be well advised to move thier offiices to some 1 story buildings, or at least the ground floor.......this is gonna get all kinds of ugly!

April 01 2012 at 4:42 PM Report abuse rate up rate down Reply

Goldman Sachs' compliticy in 2008's financial meltdown should've resulted in jail terms for their upper echelon executives and dismantling of the firm that knowingly the backs of thousands of investors. Search Youtube for: 'Goldman Sachs shitty deals'

April 01 2012 at 11:48 AM Report abuse rate up rate down Reply
1 reply to Ciotog's comment

ABSOLUTELY CORRECT....and throw in Paulson, Frank and Dodd while you are at it.

April 01 2012 at 4:35 PM Report abuse rate up rate down Reply

And....the rich get richer!

April 01 2012 at 10:07 AM Report abuse +1 rate up rate down Reply

The astonishing thing about this is that there's a story here. Goldman Sachs didn't have the best interests of investors? Duh? Hello?

Will an ex Congressman get 10 million to explain that Congress is more concerned with self promotion than their constituents?

March 30 2012 at 9:18 PM Report abuse rate up rate down Reply

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