Goldman's profits: Evil or helpful?

This is an in-depth feature is about how Goldman Sachs views itself as superior to other firms on Wall Street, how others view it, and how it weathered the financial crisis.


McLean points out that Goldman has benefited from public money, especially, which "taps into a deep fear that ... as one person puts it, Goldman's "skill set" is 'walking between the raindrops over and over again and getting away with it'."


The firm's growth has increased exponentially especially since Lloyd Blankfein became the C.E.O. McLean also attributes this success to Goldman's political connections - it may not be a coincidence that two of the firm's past four leaders were Treasury secretaries.


Interestingly, the feature said, in retrospect, the firm's executives don't think they needed any bailout money, which Blankfein attributes to the firm's renowned work ethic and ability to manage risk.


But others don't agree and call it "pure evil." Even former Goldman bankers say the firm thinks it's superior and that is a problem.


McLean also pointed out that Goldman's competition on Wall Street mostly complain about not knowing how much money the firm makes - even though it files public financial statements.


Goldman has millions of dollars in profits, but McLean doesn't really explain whether this might signify good times for the rest of America.


The feature is a backgrounder because it goes into detail about the firm, its history and dynamic. I really enjoyed reading it but the history of the firm was a little lengthy and somewhat boring.


Otherwise, the feature is very informative and well organized.

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This page contains a single entry by moham245 published on December 2, 2009 5:05 PM.

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