Everyone is talking about Goldman. I have nothing to add publicly. But let me express my thoughts here in the privacy of our paywalled-enabled environment. Greg Smith was right. Something is seriously wrong, but not just at Goldman; it is everywhere on Wall Street and the City of London. Two years ago, I wrote about it:
What has happened is that major international investment banking groups have taken on a sales & trading ethos of caveat emptor where once the client was king. In my view, this is a direct result of the rise of securitization, structured products and derivatives as a profit center in financial services and is the major contributor to Wall Street’s new unfortunate public image as a casino.
Goldman is run by traders no...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.