Former Goldman exec lands book deal

Greg Smith, the former Goldman Sachs executive who condemned the powerful investment bank in a scathing New York Times opinion column, has landed a deal to write a book about his 12 years at the firm, according to media reports on Friday.

Smith, who resigned from Goldman earlier this month, set off a bidding war when he met with several major publishers earlier this week about a book that would include details of what Smith has described as a toxic culture at the famous Wall Street firm, said a publishing industry source.

The final deal was first reported in Friday’s New York Post, which said Grand Central publishing, an imprint of the Hachette Book Group, paid a $1.5 million advance for the book.

Jennifer Romanello, a spokeswoman for the publishing house, and Smith’s literary agent, Paul Fedorko of N.S. Bienstock, had no comment.

Smith’s withering resignation letter published in The New York Times called Goldman a “toxic” place with a culture that boasted of ripping off clients. Smith recounted seeing five of the firm’s managing directors refer to clients as “muppets” at times on internal e-mails.

Goldman responded to the op-ed by saying Smith’s views did not reflect the way the business was run. Reuters