The Financial Crisis and Its Effects on the Economy
Asleep at the wheel became a phrase in the great financial s, a and itis. It has numerous sort of scandals involving either corruption or beating out the accusations. One could argue that's not their fault. The industry did a good job, from their perspective, capping it so that it couldn't regulate them very well.
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As a $60 billion a year investment bank engaged in market making and asset management for equities, fixed income, commodity and derivative securities for large institutional clients, Goldman Sachs, having been founded in 1869, is arguably the world’s most recognizable name on Wall Street. Known for attracting some of the best financial talent, it is both respected and feared, in some cases being accused of “ripping their clients off” in the relentless pursuit of profits. Defenders of firms like Goldman Sachs make a big deal about how they’re instrumental in the efficient allocation of (financial) capital, but one could argue the concentration of highly intelligent and motivated individuals operating what amounts to a glorified casino is a gross misallocation of human capital, robbing other critical sectors of talent that would otherwise have gone to engineering real solutions, not financial ones.
