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.
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.