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“Not a single person reported to him, and he did not run a business,” Goldman Sachs spokesman David Wells said of former employee Greg Smith, whose memoir, Hot Tub Time Machine, comes out October 22. “We hope the rest of his book is more accurate.” [NYP, earlier]

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Greg Smith: Goldman Sachs Interns Taught Harsh But Important Lessons By Demanding But Affable Managing Directors

Lesson 1, according the first chapter of Why I Left Goldman Sachs to leak online: the difference between a sandwich and a salad. You needed to be very entrepreneurial and creative. Adding value as an intern often began with getting coffee for the desk every day; frequently, interns also did breakfast and lunch runs. You would literally take a pen and pad and go around to the ten or fifteen people on the desk and take everyone's order. It's a strange concept, but Wall Street looks at attention to detail as an indicator of how people are going to do in their job. If a kid keeps messing up the lunch order, he's probably going to mess up something else down the line. I remember one managing director-- a few years after I'd started working at the firm-- who was very sensitive about his lunch orders. He didn't eat onion or certain other things. One day he asked an intern for a cheddar cheese sandwich, and the kid came back with a cheddar cheese salad. The kid handed it to him so proudly: "Here's your cheddar cheese salad." I was sitting next to the MD, so I remember the incident well. He opened the container, looked at the salad, looked up at the kid, closed the container, and threw it in the trash. It was a bit harsh, but it was also a teaching moment. The managing director joked about it with the kid afterward; he didn't make a big deal about it. The lesson was learned. Chapter 1: "I Don't Know, But I'll Find Out" [PDF] Earlier: What Else Does Goldman Sachs Have In Store For Greg Smith?; Goldman Sachs Unimpressed By Sophomoric Writing Efforts Of Former Employee; Resignation Letter Reveals Goldman Sachs Is In The Business Of Making Money, Hires People Who Don’t Know How To Tie Their Shoes; Jewish Ping-Pong Tournament Participant / Sixth-Year Goldman Sachs Vice President Is Looking For His Next Challenge; Goldman Sachs Accuser Greg Smith (Might Have) Lied About That Which He Holds Most Sacred