i would not be shocked if the sort of er weird banking criticisms, thay, come from everybody, you know, across the spectrum, anti fagoons to liberitarians. E just want someyixon i think if all these people probably like totally mind warped ino, giving you these totally bizarre ideas. I wanted to get into the broader implications of what does this all mean? Man. Do we have an investment bank, secrtor? Do we have banks at all? What do you do with this information? Do you put people like a lloyd blankfine in jail? And men becant talk a little emotherges they've been in for, i forget,
Transcript
chevron_right
Play full episode
chevron_right
Transcript
Episode notes
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.
