# Prof. Roy Smith on Sandler O'Neill's decision to remain privately held

1 Faculty News September 14, 2013 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](http://dealbook.nytimes.com/2013/09/14/proudly-private-a-wall-street-bank-marches-on/?_r=0) -- “'A partnership involves people realizing that it’s their own money and it can be lost in market speculation and fines and a lot of other ways,' said [Roy C. Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith), a former partner at Goldman Sachs who now teaches finance at New York University. Of course, there is a price to doing business the old-fashioned way. 'It’s a good structure if you are happy to stay a small niche player,' Mr. Smith said."

[Read more](http://dealbook.nytimes.com/2013/09/14/proudly-private-a-wall-street-bank-marches-on/?_r=0)