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Don't Blame Goldman Sachs
Posted by Michael E. Marotta on 4/14, 4:47pm
When it comes to its role in the financial crisis, Goldman Sachs has a message for the world: Not guilty. Not one bit.
Goldman did nothing for which it owes anybody an apology—and it doesn't owe anybody any money, either. Its brilliance has been wildly overestimated. Goldman managers were smart, but not that smart. Above all, Goldman insists it played by the same rules as everyone else. 
 
"By way of background: Twelve years ago, right out of college, I worked at Goldman Sachs for two years. The training program was all about culture. Keep your head down. Never get your name in the newspaper. Wear conservative blue or white Oxford shirts and don't ever be ostentatious in public. Goldman, the partners told us, swore by the corporate philosophy of "long-term greedy," as set out by the revered Gustave Levy, senior partner at the firm in the early 1970s. The stated ethos was to turn down easy money and build relationships. So walk on eggshells, kid—and fix your tie". -- Roben Farzad, author.
 
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