“Of course we do business with them. We have to. It’s like the Mob who picks up the garbage. You pay their fees, because you need your garbage picked up.”
That’s what a money manager told Bethany McLean, the author of a big new Vanity Fair piece, about the empire that is Goldman Sachs. The claim is kind of funny given the news that just broke about Goldman execs stocking up on firearms.
Of course everyone does business with Goldman. But apparently, they don’t do it because they want to. McLean says word on the street is that Goldman doesn’t even have clients anymore, just “counterparties,” people on the other side of their trades (aka enemies, kind of).
Actually, the real question might be why anyone wouldn’t want to do business with Goldman. A hedge-fund trader asks, “Are they the Yankees? No, the Yankees actually lose! Goldman never loses. And people say they are a hedge fund! This ain’t no hedge fund. Hedge funds lose money.”
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