Goldman’s Big Guns Fire Dud in Defense of Megabanks
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April 15 (Bloomberg) -- The six very large U.S. bankholding companies -- JPMorgan Chase & Co., Bank of AmericaCorp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs GroupInc. and Morgan Stanley -- share a pressing intellectualproblem: They need to explain why they should be allowed tocontinue with their dangerous business model.
So far their justifications have been weak, and the latestanalysis on this topic from Goldman Sachs may even help make thecase for breaking up the financial institutions and making themsafer.