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« Mr. Deeds files suit | Main | Vaughan's larger aim »

Mar 14, 2012


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Mike Blake

Somewhat unrelated, I get a chuckle from this page everyday:


So let me get this straight. So in 2007 Goldman was helping people pick the lousiest loans to package together, sell those bonds, and then allow the hedge fund that helped them pick the lousiest loans to bet against those bonds (Abacus story). So back in 2007, things were OK enough to stick with Goldman, and only now things have gotten bad enough that it's time to quit?

Poll 100 Goldman high-earning employees, of which this guy was one. Ask them why they went to Goldman, or went into the field they chose. 100/100 will say to make a lot of money. Banking is about making money, and the people at Goldman are good at doing that. Ask 100 doctors, also high earning, although not Goldman-esque, the same question - why'd you get into medicine. A good percentage will honestly be able to say that they want to help people.

Arguing that somehow in the recent past investment banking was in any way a noble endeavor, but has only recently become corrupt is a dishonest statement. In 2003-2008, investment banks worked to inflate the housing bubble in a way that would cause massive damage to the world economy. If they are doing anything near that bad today, I have not heard about it, and that would make for a very interesting story.

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