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HomeGoldman’s Animal House
Posted by Larry Doyle on April 21st, 2010 8:41 AM |
Trust. Would you know it if you saw it? Would you be able to distinguish real trust from the appearance of trust? Whom can you trust?
Wall Street is an industry in which trust is too often promoted, but too seldom practiced. When somebody would say to me “Trust me on this,” I would get increasingly concerned. Why? Real trust is a virtue which goes without saying.
On this note, Wall Street’s favorite punching bag Goldman Sachs is dealing with the most egregious violation of fiduciary responsibility: a violation of trust. Even if Goldman is cleared of the fraud charges brought by the SEC, Goldman is already guilty of a greater charge, that is, a violation of trust in being fully forthcoming in its disclosures. (more…)
