Fixing the 'Goldman Sachs' Problem

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Greg Smith’s New York Times op-ed seems to have struck a chord. But with all due respect, there’s nothing really very new—or particularly unique to Goldman—in the bill of particulars. Yes, banks sell toxic products, including problematic loan terms, to their customers, but so, too, did McDonald’s with the “pink slime” (ammonium hydroxide) in its beef, car companies pushing products with known defects (remember Ford Pinto’s exploding gas tank?), and medical device and drug companies that push products with known problems and health risks—witness the recent uproar over defective hip replacements.

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