One set of rules

Goldman Sachs is risking Tarp rage to protect its business model. The bank is lending up to 1,000 cash-strapped employees money to meet their capital calls to its funds. Doing so after taking funds from the US government’s Troubled Asset Relief Programme, rather than using the largesse to increase lending, sounds like a recipe for a public relations disaster. But it may be essential if Goldman is to make sure that third parties in its funds follow through on their own commitments. Like investor...