Greg Smith, the former Goldman Sachs executive director who quit his job earlier this month in a scathing New York Times op-ed, has reportedly landed a $1.5 million book deal with Hachette’s Grand Central imprint.
Apparently the book inspired a bidding war. Sarah Weinman and The Awl have raised another important question: Will the book earn back its advance? The news comes only days after news broke that literary agent Paul Fedorko was shopping the book.
The New York Post has more: “By Monday, with the price tag flirting with the $1 million mark, it was down to two bidders, Penguin and Hachette Book Group. Hachette’s Grand Central Publishing finally nailed the deal with a $1.5 million advance yesterday.”
In the op-ed, Smith blasted the company’s current management, who he claims has ruined the culture at the financial powerhouse. Here is more from his post: “To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money.”