The criticisms of goldman and ladelol large american banks for the roll in the financial crisis is actually separate from the investment aking side of their business. The eye banking side has very little, if anything, to do with those assets that were purchased and those derivatives in the swaps. That was complex ately separate from the eye banking side, from the acid management side. And s part of asss management. Oca, but ets basimangeenits client for castasi management.
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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.
