Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Goldman Sachs Banker Got $150 For His "I Hate Goldman Sachs" Op-Ed
By
Jen Chung
Published Mar 17, 2012
Modified Mar 17, 2012
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Mar 17, 2012
Modified Mar 17, 2012
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Much has been made of the $2 billion Goldman Sachs lost in market value on Wednesday, the same day that the NY Times published an op-ed by a disgruntled employee who criticized the firm's new focus on money over clients. Now, Bloomberg News reports that the Times paid him $150 for his unsolicited views.
Greg Smith, who resigned that day, wrote, "It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as 'muppets,' sometimes over internal e-mail," only for the firm to release a statement, "We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves."
Mayor Bloomberg also defended Goldman, visiting the firm and saying on his radio show, "I don't know whoever said what... But even if it was said, it's a few people and, you know, Goldman Sachs is a firm that's been around for well over a hundred years and it's a great firm." The NY Times also points out, "Goldman, in fact, has been a key contributor to Mr. Bloomberg’s wealth: the firm leases thousands of Bloomberg terminals, sending tens of millions of dollars a year to the mayor’s private company."
Bloomberg News points out that many Wall Street types have problems with how the Times published the op-ed, but editorial page editor Andrew Rosenthal said they fact-checked everything they could fact-check: "The purpose of the op-ed page is to air an important position. We’re saying, ‘This is interesting,’ and by the way, ‘interesting,’ very often means it’ll make you crazy."
Mission accomplished! This is from Bloomberg News' editorial criticizing Smith: "We have some advice for Smith, as well as the thousands of college students who apply to work at Goldman Sachs each year: If you want to dedicate your life to serving humanity, do not go to work for Goldman Sachs. That’s not its function, and it never will be. Go to work for Goldman Sachs if you wish to work hard and get paid more than you deserve even so. (Or if you want to make your living selling derivatives but don’t know what a derivative is, as Smith concedes in passing that he didn’t at first.)"
Tagged
goldman sachs
greg smith
i banker
investment banker
mayor bloomberg
op ed
vampire squid
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYC Council to consider earlier Legionella reporting after deadly outbreaks
A bill facing a hearing Monday would require cooling tower owners to notify city health officials when bacteria levels reach a much lower threshold.
By
Catalina Gonella
Published Oct 18, 2026 at 7:36 p.m. ET
Staten Island fire injures 2, but spares historic 'Godfather' church
Dozens of firefighters responded to the blaze, which started in a vacant warehouse. It was contained within three hours.
By
Giulia Heyward
News
Staten Island fire injures 2, but spares historic 'Godfather' church
Dozens of firefighters responded to the blaze, which started in a vacant warehouse. It was contained within three hours.
By
Giulia Heyward
Bail reform remains major issue in NY governor's race, 7 years after it became law
By
Gino Fanelli
NYPD identifies Bronx man, 26, killed in Midtown subway shooting
By
Ryan Kost
,
Elizabeth Kim
and
Phil Corso
Have you seen this Yorkie? NYPD looking for adorable pup dognapped from her Queens home
By
Ryan Kost
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .