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What Wall Street Thinks of Goldman Tell-All Book

Monday, 22 Oct 2012 | 1:35 PM ET

A tell-all book from former Goldman Sachs insider Greg Smith promises to have little effect, if any, on the investment bank's stock, "Fast Money" pros said Monday on CNBC.

"There's nothing new that came out about the stock. Everyone loves to hate Goldman Sachs at this stage, so I think there were no revelations," said Baker Avenue Asset Management's Simon Baker.

"I think the real big thing was the publishing company paying him a million and a half dollars to write this thing," he added.

Will Tell-All Book Hurt Goldman?
The FMHR traders discuss today's top three trades, including falling shares of Hasbro and Freeport-McMoran after releasing earnings; and how will former Goldman employee Greg Smith's new book "Why I Left Goldman Sachs" affect the company?

Stephen Weiss of Short Hills Capital dismissed Smith outright.

"The biggest issue with this book and Greg Smith is, you have to ask: How could they employ this guy for 12 years? Clearly he's a malcontent," he said.

(Read More: Goldman Sachs' Tell-All Tells Little)

""I would pay no attention to this. Surprise, surprise, a company wants to make money from its accounts. It could be Goldman. It could be Procter & Gamble. It could be anybody," Weiss added, offering some words of wisdom: "It's business, so I advise the guy, Greg Smith, to go and apply to some charity and work there. Be completely altruistic. Put your money where your mouth is, or your lack of it at this point."

Stuart Frankel's Steve Grasso said that Smith's book is too late.

"Two years ago, it would've meant something. Two years ago, Goldman was really, really hated. I think it's just an afterthought, and Goldman has left. It's on the sidelines now," he said. "I just don't think Goldman's that key player as it used to be two years ago."

Trader disclosure: On Oct. 22, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long AMZN; Stephen Weiss is short CAT; Stephen Weiss is long CNX; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is long AIG; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long SBUX; Stephanie Link is long CAT; Stephanie Link is long BA; Stephanie Link is long EMC; Stephanie Link is long IBM; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Steve Grasso is long GOOG.

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