Is all forgiven?
Probably not—but Goldman Sachs President Gary Cohn told Bloomberg Television on Thursday that he would “probably read” Greg Smith’s tell-all book, “Why I Left Goldman Sachs,” which comes out on Oct. 22.
Smith, former executive director and head of the firm’s U.S. equity derivatives business in Europe, the Middle East and Africa, slammed the firm in a scathing op-ed piece in The New York Times in March, causing a bit of high-profile embarrassment for the venerable wirehouse.
Cohn also discussed the global economy with Bloomberg, saying that “I understand what the [Federal Reserve is] trying to do and I will tell you this, this is going to be difficult to stop or to exit.
Cohn on whether he’ll read Greg Smith’s book:
“Is it coming out next week? I probably will read it.”
On Federal Reserve stimulus:
“I worry about everything. My job is to worry. It’s something that you have to worry about. The Fed has pretty good information what’s going on in the economy. They’ve got pretty information what’s going on with employment. We know that the Fed wants to create job growth. We know the Fed wants to create asset appreciation. I understand what they are trying to do, whether I agree with it or disagree with it. I understand what they are trying to do and I will tell you this is going to be difficult to stop or to exit. There will be an end of quantitative easing. We will have to go through the pains of stopping quantitative easing.
“I don’t know if I disagree or agree. Right now based upon our economic cycle I understand what the fed is doing, I understand what the ECB is doing, I understand what the bank of England is doing, and I understand what the bank of Japan is doing. Unfortunately they are all kind of doing the same thing, so it has less impact than it might if the others were on the sideline. But I understand in this globalized economy where we’ve got free movement of currency, where we’ve got free movement of risk assets and everything is relatively fungible that the Fed is trying to do what they think is in the best interest of the U.S. economy.”
On the importance of November’s election: