This is one of those columns that will piss-off some of my geekier readers. They’ll complain that I am covering this subject at all, they will declare me dead or at least too stupid to be worth reading, and they will claim to be departing Cringelyville never to return. Frankly, I don’t give a damn. And it is important that I not give a damn, because that’s what freedom of the press is all about. This column concerns a particularly damning story about Goldman Sachs, the big Wall Street bank, that is available online now from the Rolling Stone. But I’m not so interested here in Goldman, or even in our ongoing global […]
This column started out being titled “Is Goldman Sachs Evil?” until I realized the issue is far more broad. It began with a blog post by my old boss Jim Casella, who now runs Asset International, a financial publisher. Jim concludes after a review of some recent and very negative press that Goldman isn’t evil, per se, just cocky. But by comparing the investment bank to sports teams and players I think Jim makes a grave error. Goldman Sachs isn’t evil, just stupid. And that stupidity comes in the form of their witless abuse of technology.
Jim’s sports analogies are misplaced because while sporting events must inevitably have winners and losers economies don’t. TRADING […]