Greg Smith, the former Goldman Sachs Group Inc. salesman who publicly accused the firm of ripping off its clients, was denied a raise and a promotion in the weeks before he resigned in March, documents provided by Goldman show.
I am endlessly fascinated by the post-banking career of Greg Smith, the former Goldman Sachs derivatives salesman who left to write a book about being a Goldman Sachs derivatives salesman, though that's partly for idiosyncratic reasons. I'm a lot like Smith, you see. Each of us worked at Goldman, at about the same time, each ending up as a vice president, each hawking equity derivatives, albeit different derivatives to different clients.* And we each gave up those jobs for the more precarious business of writing about the financial industry. It is a quiet bond we share, though unlike Smith my Goldman career did not involve throwing a Ping-Pong tournament to please a client, so I can never fully imagine what it is like to be him.
Goldman Sachs Group Inc. sought to profit last year by persuading clients to buy and sell stock options on European banks such as BNP Paribas SA and UniCredit SpA, according to former employee Greg Smith’s new book.
What to make of Goldman Sachs Group Inc.'s release to Bloomberg News of internal self-assessments and peer reviews of Greg Smith, who left the firm in March through a notorious op-ed piece in the New York Times. While the release of the documents does raise troubling questions for the bank itself, what they reveal about Smith -- without question -- is that he is nothing more than a sweet-talking con man.
Wilmer Cutler Pickering Hale & Dorr LLP hired two U.S. government general counsels, Dan Berkovitz from the Commodity Futures Trading Commission and Mark Cahn from the Securities and Exchange Commission, to the firm’s securities department in Washington.
MasterCard Inc., the second-biggest U.S. payments network, is poised to further outperform bigger rival Visa Inc. amid a 3 percent gain by the euro this year and signs that European consumer spending is picking up.