Smith's famous New York Times Op-Ed began: 'Today is my last day at Goldman Sachs. After almost 12 years at the firm - first as a summer intern while at Stanford, then in New York for 10 years, and now in London - I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it'.
And with that, and the prospect of a $1.5m book advance from a publisher, Smith was off, leaving a trail of mischief behind him. Well now he's back, and his Goldman tell-all is out on October 22nd - published by a division of Hatchette.
Now Goldman will doubtless welcome Smith's memoir like a hole in the head - especially as the firm has been able to stay in the shadows in the last 6 months or so, as rivals UBS, JPMorgan, HSBC, Barclays and Standard Chartered have all taken their turn to be in the spotlight for the wrong reasons.
Goldman was quick to point out at the time of Smith's resignation that he was a relatively junior employee, and firm spokesperson David Wells has already taken aim: 'Not a single person reported to him, and he did not run a business. We hope the rest of his book is more accurate (than the New York Times piece)'.
But the real issue for Smith is that what looks pretty sensational in a few paragraphs might come over as rather tedious in 288 pages - unless, of course, Smith provides some specific examples of wrongdoing or unethical behaviour (rather than the general nature of the claims detailed in his OpEd).
The problem with that, of course, is that Goldman is likely to be carefully monitoring the situation, and will doubtless have already reminded the publisher that its former employee remains subject to the non-disparagement clause in his employment contract. Smith will not, in fact, be able to write anything that could do reputational damage to the firm. It's kind of like what happen's in Vegas, stays in Vegas.
The New York Times reports that a summary of the book on Amazon hints at some of the contents: 'From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom', and the book is said to take in Smith's whole career at the firm.
The reality, however, is that most of us could care less about the slow journey of a fairly pedestrian Wall Street professional who spent 12 years at Goldman Sachs and never made it past first base. Frankly, it's sex and scandal that will sell this book. As for 'sex', well, Smith hardly looks the type. And scandal ? Haven't we heard it all before ? And if we haven't, do you really expect Goldman's lawyers to allow us to ?
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