Clients Worried About Goldman’s Dueling Goals
…While no one has accused Goldman of anything illegal involving WaMu, National City, A.I.G. or the other clients it bet against, potential conflicts inherent in Wall Street’s business model are at the core of many of the investigations that state and federal authorities are conducting. Transactions entered into as the mortgage market fizzled may turn out to have been perfectly legal. Nevertheless, they have raised concerns among investors and analysts about the extent to which a variety of Wall Street firms put their own interests ahead of their clients’.
“Now it’s all about the score. Just make the score, do the deal. Move on to the next one. That’s the trader culture,” said Cornelius Hurley, director of the Morin Center for Banking and Financial Law at Boston University and former counsel to the Federal Reserve Board. “Their business model has completely blurred the difference between executing trades on behalf of customers versus executing trades for themselves. It’s a huge problem.”
Goldman Sachs does not have dueling goals. Period. They have one goal, and one goal only.
That is all they want. Bonuses. And they will do, or say anything to keep the bonuses rolling in. Bankrupting the country? No problem. Destroying Greece and the international economy. Cash money.
They don’t care about their clients, they don’t care about their community, they don’t care about their country. Their only goal is to make the deal and cash the bonus check.