Monday, July 27, 2009

New York Magazine on Goldman

Just one paragraph is all that's necessary:

On Wall Street, there are two interpretations of this business model: Either the firm is so brilliant at making near-riskless bets that it continually attracts more clients, who don’t mind being used for the golden database if it means more profits for them—or it’s a giant casino in which the house has gamed the system by knowing every hand at the table and using that information to enrich itself at the expense of others.


procol said...

Wasn't this pretty obvious years ago?

Part of smart is figuring out how to gain an unfair advantage.

Always was that way, always will be.

Anonymous said...

yup, thats what Maddof did - he figured it out...