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Goldman Sachs: Greg Smith Was A Disgruntled Employee

This article is more than 10 years old.

Greg Smith, who publicly resigned from Goldman Sachs and is releasing a tell-all book, quit the financial firm only after he was denied a raise that would have doubled his compensation to over $1 million and a promotion, according to documents Goldman Sachs released today first to Bloomberg News.

Goldman Sachs is fighting back against Smith, who is set to appear on 60 Minutes to promote his book Why I Left Goldman Sachs. The documents released by Goldman Sachs, a summary of Goldman Sachs' investigation into Smith's claims, will potentially confirm what many had initially suspected, that Smith was a disgruntled employee and not a whistleblower who was leaving Goldman Sachs because the firm had become  “toxic and destructive,” as Smith described it in the resignation letter he submitted to the opinion pages of The New York Times in March.

Smith had framed his resignation as a moral decision, one that was motivated by the "decline in the firm’s moral fiber" and his observation that Goldman Sachs had become a place where "callously people talk about ripping their clients off."