Tuesday, January 11, 2011

The Goldman Sachs Business Practices Report (and What They Missed)

After an eight month internal review of its operations, Goldman Sachs is set to adopt 39 changes to its business to strengthen its financial reporting, employee training, and openness about potential conflicts of interest, reports WSJ.

The full report is here, but don't waste too much time reading it. It's typical corporate eyewash. Our clients come first blah, blah , blah.

What the report doesn't address is Goldman's relationships with governments, how these relationships give them an edge and how Goldman runs to government for cheap money whenever they are desperate.

Until Goldman stops playing footsie with government and stops using government muscle and Federal Reserve money printing to advance their money making operations, the firm should be considered a bunch of evil bastards, regardless of how many times a day its employees shower and get their shoes polished.

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