Goldman's Dubious Deals: Is This 'God's Work'?By
In January 2011, six months after getting slapped by the Securities and Exchange Commission with a $550 million fine for misleading clients on securities that were built to fail, Goldman Sachs released a new code of business standards. The move was meant to mollify concerns the bank had morphed into what Rolling Stone had dubbed a “vampire squid,” willing to feed on its own clients to make more money for itself. Under the heading “The Goldman Sachs Business Principles,” the first line of the new code, printed in boldface type, made clear the primacy of the issue it sought to address: “Our clients’ interests always come first.”
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.