greg smith

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that former Goldman Sachs Group, Inc. (NYSE:GS) employee Greg Smith “has done no fact-checking” for his upcoming expose on the bank set to be released in late October. Gasparino also reports that some publishers had dropped out early  because Smith was “dead serious about having a whole chapter or a couple chapters on how to make Wall Street a better place,” and that was the “last thing” they wanted from a mid-level employee.

Excerpts from the report are below:

On whether former Goldman Sachs employee Greg Smith fact-checked his book:

“The people at Goldman said he’s done no fact checking. He’s not come back to them and said can you respond to X, Y and Z, which is kind of interesting. Usually when you do these kind of books that describe a corporate culture and have specific anecdotes you should really go back and check those with the people who you are writing about. Which makes me think this is going to be much more of Greg Smith’s meanderings about what’s wrong with Goldman Sachs Group, Inc. (NYSE:GS), so that’s what Goldman is worried about. This is coming out at a bad time for them.”

On why some publishers dropped out early:

“Some of the publishers started dropping out early because he was dead serious about having a whole chapter or a couple chapters on how to make Wall Street a better place. And the last thing the publishers wanted was Greg Smith – this is a mid-level employee – how he thinks Wall Street could be a better place.”