Sunday, May 02, 2010

Gold men: Inside Sachs culture

The New York Post reports:
Of all the hits Goldman Sachs has taken in recent weeks -- the civil fraud suit filed against it by the Securities and Exchange Commission, the criminal probe launched by US prosecutors, the embarrassing all-day Senate hearing and the $20 billion hit to its market capitalization -- the harshest blow is that people are talking about them at all.

Goldman, Wall Street's preeminent firm, has tried for most of its 140 years to be the Street's silent thriller.

Its closed, almost cult-like culture has helped make it the wealthiest and wisest of Wall Street banks. The headline damage is so severe, in fact, that some are wondering if that famed low-key culture and sterling reputation are irreparably damaged.
You'll want to read the whole article.