A memoir being shopped by former Goldman Sachs derivatives director Greg Smith is regarded by some publishers as the next “Liar’s Poker” and may fetch well north of $1 million at auction, says someone involved in the process.
Smith, who ran Goldman’s small U.S. equity derivatives business in London until he publicly resigned in early March through a scathing op-ed in The New YorkTimes, met with publishers last week, according to this person. In the meetings, Smith and his agent, Paul Fedorko, laid out their idea for a book that would use the author’s 12-year experience at Goldman as a way of highlighting the corrosion of corporate ethics at the firm.
Smith regards himself as a friend of Wall Street who wants to see its business practices improve, the person involved with the process said.
Publishers submitted bids for the book in an auction that ended last week, added this person, and the price tag is already over the $1 million mark. On Monday, the bidders were awaiting word on whether a publisher has been chosen or new bids will be requested.
Fedorko, who works for the talent agency N.S. Beinstock, did not return a call for comment. A Goldman Sachs spokesman declined in an email to comment.
Follow Kate Kelly on Twitter: @katekellycnbc