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If the scandals described in this article and Taibi's articles are the result of a few bad actors, and if the result of these scandals is a broad perception on
by tailrecursion 13y ago
If the scandals described in this article and Taibi's articles are the result of a few bad actors, and if the result of these scandals is a broad perception on the part of the public that the entire financial sector is corrupt, then Goldman Sachs should be interested in policing its own.
I wonder if G.S. feels unable to police itself, or maybe they feel the aluminum story is not a problem, or that what they did was harmless. I don't know what they think about what they do. I can't really blame below average people for cheating -- they're not good enough to win playing by the same rules as everyone else.
But if I'm to draw a circle around the corrupt people should I draw it around a piece of G.S., or around the whole company. It seems like the scandals keep happening, and that market manipulation such as laddering and hoarding are considered by the financial industry as another way to make money.
If the financial industry isn't greased entirely on deception, then I'd like to know what percentage is deceptive and what percentage is figuring out a hedge plan for e.g. BMW's exchange rate risk. I can see how billions can be made one way, but I don't see how billions can be made the other way.