In The Partnership: The Making of Goldman Sachs, Lloyd Blankfein defines Goldman Sachs' view of conflicts, but his concept of the relationship between an advisor and its clients is alien to the tenets of trust and fiduciary obligations.
I was pleasantly surprised this morning to read in the New York Times an op-ed piece by Greg Smith, who had decided to leave Goldman Sachs on moral grounds. As another alumnus, I wanted to tell Greg that he is not alone in his feelings.
As much as the big banks want you to think that they're the heart of our free market system, they're not. In fact they never have been. For decades they've been feasting off of subsidies and mini-bailouts at the expense of everyone else.
Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Wall Street needs to be made to pay its fair share, but how?