Golman was already fairly globalized. It byon, even at the turn of the twentieth century. They had relationships with firms and capitals in europe a. And this is where the investment side of goldman really gets going. This is also why goldman is so integrated into new york a. At the time, new york really was the centre of global trade, physically and financially. Physically. Now not so much. Ina, though, due to limitations of communication technology, you neededo be where the physical trade was if you wanted to participate in a lot of financialization. Its being a sales an its selling people on taking your investment or figuring out what
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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.
