Why I Left Goldman Sachs

Why I Left Goldman Sachs: A Wall Street Story

On March 14, 2012, more than three million people read Greg Smith's bombshell Op-Ed in the New York Times titled "Why I Am Leaving Goldman Sachs." The column immediately went viral, became a worldwide trending topic on Twitter, and drew passionate responses from former Fed chairman Paul Volcker, legendary General Electric CEO Jack Welch, and New York City mayor Mike Bloomberg. Mostly, though, it hit a nerve among the general public who question the role of Wall Street in society -- and the callous "take-the-money-and-run" mentality that brought the world economy to its knees a few short years ago. Smith now picks up where his Op-Ed left off.

His story begins in the summer of 2000, when an idealistic 21-year-old arrives as an intern at Goldman Sachs and learns about the firm's Business Principle #1: Our clients' interests always come first. This remains Smith's mantra as he rises from intern to analyst to sales trader, with clients controlling assets of more than a trillion dollars.

From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom; from the career lifeline he received from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachs from extinction-Smith will take the reader on his personal journey through the firm, and bring us inside the world's most powerful bank.

Smith describes in page-turning detail how the most storied investment bank on Wall Street went from taking iconic companies like Ford, Sears, and Microsoft public to becoming a "vampire squid" that referred to its clients as "muppets" and paid the government a record half-billion dollars to settle SEC charges. He shows the evolution of Wall Street into an industry riddled with conflicts of interest and a profit-at-all-costs mentality: a perfectly rigged game at the expense of the economy and the society at large.

After conversations with nine Goldman Sachs partners over a twelve-month period proved fruitless, Smith came to believe that the only way the system would ever change was for an insider to finally speak out publicly. He walked away from his career and took matters into his own hands. This is his story.

Man's Search for Meaning

Psychiatrist Viktor Frankl's memoir has riveted generations of readers with its descriptions of life in Nazi death camps and its lessons for spiritual survival. Between 1942 and 1945 Frankl labored in four different camps, including Auschwitz, while his parents, brother, and pregnant wife perished. Based on his own experience and the experiences of those he treated in his practice, Frankl argues that we cannot avoid suffering but we can choose how to cope with it, find meaning in it, and move forward with renewed purpose. Frankl's theory—known as logotherapy, from the Greek word logos ("meaning")—holds that our primary drive in life is not pleasure, as Freud maintained, but the discovery and pursuit of what we personally find meaningful.

At the time of Frankl's death in 1997, Man's Search for Meaning had sold more than 10 million copies in twenty-four languages. A 1991 reader survey by the Library of Congress and the Book-of-the-Month Club that asked readers to name a "book that made a difference in your life" found Man's Search for Meaning among the ten most influential books in America.

Born in Vienna in 1905 Viktor E. Frankl earned an M.D. and a Ph.D. from the University of Vienna. He published more than thirty books on theoretical and clinical psychology and served as a visiting professor and lecturer at Harvard, Stanford, and elsewhere. In 1977 a fellow survivor, Joseph Fabry, founded the Viktor Frankl Institute of Logotherapy. Frankl died in 1997.

Harold S. Kushner is rabbi emeritus at Temple Israel in Natick, Massachusetts, and the author of several best-selling books, including When Bad Things Happen to Good People.

William J. Winslade is a philosopher, lawyer, and psychoanalyst at the University of Texas Medical School in Galveston.Man's Search for Meaning by Viktor E. Frankl is among the most influential works of psychiatric literature since Freud. The book begins with a lengthy, austere, and deeply moving personal essay about Frankl's imprisonment in Auschwitz and other concentration camps for five years, and his struggle during this time to find reasons to live. The second part of the book, called "Logotherapy in a Nutshell," describes the psychotherapeutic method that Frankl pioneered as a result of his experiences in the concentration camps. Freud believed that sexual instincts and urges were the driving force of humanity's life; Frankl, by contrast, believes that man's deepest desire is to search for meaning and purpose. Frankl's logotherapy, therefore, is much more compatible with Western religions than Freudian psychotherapy. This is a fascinating, sophisticated, and very human book. At times, Frankl's personal and professional discourses merge into a style of tremendous power. "Our generation is realistic, for we have come to know man as he really is," Frankl writes. "After all, man is that being who invented the gas chambers of Auschwitz; however, he is also that being who entered those gas chambers upright, with the Lord's Prayer or the Shema Yisrael on his lips."