“At Goldman, we pride ourselves on our ability to scour the world’s universities and business schools for the finest sociopaths money will buy. Once in our internship program, these youths are subjected to rigorous evaluations to root out even the slightest evidence of a soul. But, as the case of Mr. Smith shows, even the most time-tested system for detecting shreds of humanity can blow a gasket now and then. For that, we can only offer you our deepest apology and the reassurance that one good apple won’t spoil the whole bunch”.
Un-disgruntled CEO Blankfein cut his take to a shade under $15m in 2011 when Goldman Sachs suffered a fall in profits of 38%.
Final comment. Yep, there is a fair bit of bitter scarcasm in my remarks above. I absolutely despise these people and all they stand for. But why don’t markets work here? Why do investors (public and private) continue to deal with such discredited thieves? Marginal Revolution raise this exact question. I can think of a half dozen partial explanations but none entirely satisfy me.