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Goldman Critic Looks at $1 Million Book Contract

Wednesday, 28 Mar 2012 | 3:34 PM ET

Goldman Sachs critic Greg Smith may get $1 million for a tell-all memoir of his time at the investment bank, Keith Kelly reports:

One top editor said he believed the auction was already nearing the magic $1 million mark.

Smith is being represented by Paul Fedorko at N.S. Bienstock, an agency that specializes in reality TV shows and news personalities.

Fedorko didn’t return calls for comment.

Others in the publishing industry were a little more skeptical.

“It could go either way,” said another top editor who is not involved in the bidding when asked if the auction could crack $1 million.

“There’s some big upside potential as well as some downside.”

The truth about publishing is that no one really understands what makes books sell.

Smith has proven that his story can draw public attention, which is viewed as an important first step in forging a bestseller. He'll certainly be able to land as many television and radio interviews as he wants. And all the big book reviews, especially The New York Times, will cover it. So it's got as good a chance as anything a publisher is likely to put out next year to hit big. So, if Smith is smart, he should command at least $1 million.

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