'We must have changed our view on each of these institutions from positive to negative back to positive ten times', Smith writes in Why I Left Goldman Sachs: A Wall Street Story, scheduled for release on October 22nd. 'I remember thinking, ‘How can we be doing this with a straight face ? No thinking client could believe that conditions on the ground could change that frequently'.
Smith, who said he moved to London from New York to run the U.S. equity-derivatives business in Europe, doesn’t explain in the book how he knows that Goldman Sachs was trying to get clients to trade European bank options. Prices of European bank stocks and other assets fluctuated during the year amid the region’s sovereign debt crisis.
Goldman Sachs investigated Smith’s claims in hs New York Times OpEd and 'found no evidence to support them', firm spokesman David Wells said. Goldman declined to comment on the book because it hasn’t had an opportunity to review it, he said.
Hit the link below to access the complete Bloomberg article:
Goldman Ex-Employee Says Firm Pushed Europe Bank Options
Wall Street CMOs Crushed as Sales at 3-Year Low: Credit Markets
The Billionaire's Apprentice
The Buy Side: A Wall Street Trader's Tale of Spectacular Excess
