Ezra Klein, WonkBlog, WAPO
Submitted by: Editor
Goldman’s Giant Sach of Greed
Defenders of Goldman came to the rescue explaining that "Goldman rips off its clients if doing so will help it make money". The crux of Smith's expose is simple: The job of a Goldman trader is to sell risky investments to people who dont know enough to know that they are purchasing toxic assets.
For his part, Smith brought home the premium thick-cut bacon as a vice president for twelve long years before his conscience finally caught up to him.
[WonkBlog] The response of many of Goldman’s defenders confirmed the very trend Smith was lamenting: A change from long-term greed, which aligned Goldman’s interests with those of its clients and arguably with those of the broader market, to short-term greed, which is not quite so benign for your clients or for the broader market.
Goldman, like every other bank on Wall Street, will stop at nothing to screw people out of money.