Goldman Sachs That which we call Goldman

Isn’t it about time to give up the pretence that Goldman Sachs is anything but a hedge fund? That may sound like a provocation. The firm is, after all, the top advisor to companies on mergers and leading underwriter of new securities. It also buys and sells stocks and bonds for investors around the world and manages clients’ money. But the bulk of its business comes from trading – much of it for its own account. Indeed, this is the primary determinant of its bottom line. Declines in the fourth ...