Wall Street has plenty of worries heading into autumn: the
stability of the euro zone, persistent United States unemployment and the
historically volatile October stock market.
According to the NY Times’ Dealbook Goldman Sachs has an additional
concern: Greg Smith’s book.
Mr. Smith’s memoir, “Why I Left Goldman Sachs,” is set for
publication on Oct. 22. The release date comes just seven months after Mr.
Smith publicly resigned from the bank with an Op-Ed page article in The New
York Times that detailed his disappointment with Goldman’s business practices
that reflected, more broadly, a corrosive culture at the nation’s largest
banks.
The article struck a nerve. Within 24 hours, it had more
than three million views online. Publishers clamored for the rights to a book.
Grand Central Publishing, a division of the Hachette Book Group, secured a
deal, offering Mr. Smith an advance of close to $1.5 million, according to
people with direct knowledge of the negotiations.
His book comes at an inopportune moment for Goldman, which
has largely disappeared from the spotlight after a wave of negative publicity
damaged the bank’s reputation…..
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