The culture at goldman is you are expected to be in the office by seven a m. And so they'll put up with it because it's part of the cult of being a goldman sax or whatever they call themselves. The people that have been there, theyre their ivy leaguers, and they've been through the london school of economics. I actually owned his book after he became a treasury secretary. He had arguably a lot to do with the fact that glasteagle was a deep six. And the eh derivatives also were. A lot of people want to blame somebody. But i don't think it's as simple as blaming one or two people.
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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.
