Yves Smith on Goldman Sachs

By Edward Harrison On Mar 16, 2012

Yves Q. Smith spoke with Lauren Lyster on RT’s Capital Account show this past Wednesday about Wall Street and Goldman Sachs. Her view is that the points highlighted by Greg Smith in his Op-Ed in the New York Times about Goldman Sachs are not unique to Goldman or to today. Rather, Wall Street (and the City) have steadily moved ever more toward a short-term greedy ethos. Yves identifies the move of firms’ profit center into sales and trading generally and derivatives specifically as key to this transaction-oriented mentality.

Video below

P.S. – I wrote The Age of The Trader two years ago echoing many of these themes. Definitely have a go at this for more background.

banks Goldman Sachs

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. 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.

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1 Comment

David Lazarus says 12 years ago

Interesting comment about the stress tests not covering the liabilities of banks. Though I think that some of Goldmans clients are not bright enough to realise that they are all muppets, while laughing about some of the other clients.

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