The Rise of Goldman Sachs (Myth20c - Ep239)

As a $60 billion a year investment bank engaged in market making and asset management for equities, fixed income, commodity and derivative securities for large institutional clients, Goldman Sachs, having been founded in 1869, is arguably the world’s most recognizable name on Wall Street. Known for attracting some of the best financial talent, it is both respected and feared, in some cases being accused of “ripping their clients off” in the relentless pursuit of profits. Defenders of firms like Goldman Sachs make a big deal about how they’re instrumental in the efficient allocation of (financial) capital, but one could argue the concentration of highly intelligent and motivated individuals operating what amounts to a glorified casino is a gross misallocation of human capital, robbing other critical sectors of talent that would otherwise have gone to engineering real solutions, not financial ones.

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Adam Smith, Hans Lander and Nick Mason

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-- References --

- The Fountainhead, Rand (1943)
- Atlas Shrugged, Rand (1957)
- Bullitt, Yates (1968)
- Vanishing Point, Sarafian (1971)
- Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken, Grant (1992)
- From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again, Taibbi (2009) - https://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
- Debt: The First 5,000 Years, Graeber (2011)
- Opinion: Why I Left Goldman Sachs, Smith (2012) - https://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html
- Why I Left Goldman Sachs: a Wall Street Story, Smith (2012)
- What Happened to Goldman Sachs: an Insider’s Story of Organization Drift and Its Unintended Consequences, Mandis (2013)
- Henry Ford – Life, Work and Legacy, Myth of the 20th Century (2017) - https://myth20c.wordpress.com/2017/09/21/henry-ford-life-work-and-legacy/
- Tiananmen - The Gate of Heavenly Peace, Myth of the 20th Century (2022) - https://myth20c.wordpress.com/2022/02/25/tiananmen-the-gate-of-heavenly-peace/
- Goldman Sachs Reportedly In Talks With FTX For Bitcoin, Crypto Derivatives, Amick (2022) - https://bitcoinmagazine.com/business/goldman-sachs-and-ftx-in-talks-for-bitcoin-crypto-derivatives