Greg Smith

The Trouble with Wall Street

The shocking news that Goldman Sachs is greedy

Twenty five years ago I quit a job on Wall Street to write a book about Wall Street. Since then, every year or so, UPS has delivered to me a book more or less like my own, written by some Wall Street insider and promising to blow the lid off the place, and reveal its inner workings, and so on. By now, you might think, this game should be over.

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This morning, the Internet was abuzz over a scathing resignation letter—in the form of a New York Times op-ed—from a Goldman Sachs official named Greg Smith. Smith claims that over the last several years, the moral culture at the firm has soured.

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  Dateline: January 24, Nashua, New Hampshire IT’S SATURDAY EVENING, three days before the New Hampshire primary, and a healthy chunk of the national media is in Manchester attending a discussion about politics and the press with comedian Jon Stewart. I was headed there, too, but guilt pulled me off the turnpike and onto Main Street in Nashua to watch a town-hall meeting with Joe Lieberman instead. Among campaign reporters, it is so uncool to attend Lieberman events that, when I show up at the Jon Stewart party later tonight, I find myself practically apologizing for wasting my time with him.

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Full Circle

Ryan Lizza’s 2004 New Hampshire journal.

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