Quote:
Originally Posted by jyl
I agree it is unsavory, and that the banks/investors should take it out on Goldman by withholding future business. I don't know if they did/are. I haven't heard that they ever sued Goldman, which is interesting. It is an extremely competitive and avaricious business, and everyone is used to making profits off the losses of others and vice-versa.
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The "free market" response of less business to Goldman is an integral part of regulation. My opinion is that for the US to continue it's dominance as a safe harbor to invest, we need to take things a step beyond the free market response at times. No doubt that is just my opinion and I hold myself to very high ethical standards, maybe too high for Wall Street.
You are right business is business and trading is one where money goes from one person to another without value being exchanged (both parties in a transaction can never come away satisfied). I honestly don't mind when people outwork someone else and win in trading, but this time it looked more like taking money than making money. At least from this outsiders perspective.
It is also interesting that business flow to Goldman does not ever seem to slow, so maybe this is a smaller problem than I perceive.