« | Home | »

‘Essentially a Criminal Enterprise’


I was talking last night to a financially literate man who was complaining about the level of knowledge the Senate was showing in its grilling of Goldman Sachs executives. ‘This stuff about making a market, they just don’t know what they’re talking about,’ he said. (Market-making is a standard financial-industry arrangement in which an entity keeps a market in business by acting on both sides of transactions, so that the commodities in question can always be both bought and sold.) ‘It just isn’t that big a deal.’ Then he took a sip of his wine and, quietly and thoughtfully and as if to himself, said: ‘Mind you, in my judgment Goldman is essentially a criminal enterprise.’

Comments on “‘Essentially a Criminal Enterprise’”

  1. marshmallow says:

    Another example of how the poor blokes in the financial services industry have come loose from their moorings.

    I was talking to my friend who works at Citigroup who said that the sense of entitlement (to bonueses etc) among his colleagues was stronger than ever and that could not work out what the fuss was all about.

    Is there a good novel that deals with this material? Please don’t say Tom Wolfe. Joe O’Neill’s Neverland was disappointing…

Comment on this post

Log in or register to post a comment.

  • Recent Posts

    RSS – posts

  • Contributors

  • Recent Comments

    • name on Who is the enemy?: Simply stating it is correct doesn't make it so, I just wish you would apply the same epistemic vigilance to "Muslim crimes" as you do to their Hebrew...
    • Glen Newey on Unwinnable War: The legal issue admits of far less clarity than the simple terms in which you – I imagine quite sincerely – frame them. For the benefit of readers...
    • Geoff Roberts on The New Normal: The causes go back a long way into the colonial past, but the more immediate causes stem from the activities of the US forces in the name of freedom a...
    • sol_adelman on The New Normal: There's also the fact that the French state denied the mass drownings of '61 even happened for forty-odd years. No episode in post-war W European hist...
    • funky gibbon on At Wembley: If England get France in the quarter finals of Euro 16 I expect that a good deal of the fraternity will go out the window

    RSS – comments

  • Contact

  • Blog Archive

  • From the LRB Archive

    Stephen W. Smith:
    The French Intervention in Mali
    7 February 2013

    ‘Depending on what counts as military intervention, France changed the course of history by force in sub-Saharan Africa about thirty times between 1945 and 1990.’

    Bruce Whitehouse:
    What went wrong in Mali?
    30 August 2012

    ‘The Republic of Mali has long been seen as the exception to the dictatorships or civil wars that have seemed the rule in West Africa since the end of the Cold War.’

    Jeremy Harding: Algeria’s Camus
    4 December 2014

    ‘Camus liked to hector the settlers, whose behaviour reflected the structural injustices of colonialism. All the same, he felt that certain misconceptions in metropolitan France needed straightening out.’

    Hugh Roberts: The Hijackers
    16 July 2015

    ‘American intelligence saw Islamic State coming and was not only relaxed about the prospect but, it appears, positively interested in it.’

Advertisement Advertisement