Tuesday, April 27, 2010
A Crowd With Pity for Goldman
This is an addition to the previous article on Goldman. The article basically talks about how Goldman has become the sacrificial goat for all the wrongs that Wall street has committed. I particularly find it very interesting that people are so morally outraged that Goldman helped clients profit by placing bets that the housing bubble would burst. The bottom line for the company is not to be moral or just, its to make profit and they saw their chance to make a good profit and took it. I don't see how this is different from any other kind of speculation besides the fact that they made the right call when others did not.
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2 comments:
Melissa, I can agree with your assesment of the Goldman Sachs situation. Profit is profit. If a company who was organizing a deal like this saw a huge bottom line by doing this deal they can take it. Their clients signed up for it and well, they made money. Oops.
I think it's particularly interesting that Goldman was targeted because they are the largest financial service provider in the world. Thus I think it makes sense that Goldman is being targeted rather than the other companies that performed the same types of investments and to regain face with the American crowd for their wrongdoing, the US government is looking to attack the biggest firm.
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