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  • May the Lloyd Be with You: Blankfein Doing 'God's Work'? [View article]
    Very good point - investment banking does have a social purpose. Very good questions - are "investment banks" fulfulling this purpose? and how much should they be paid?

    I would add a question - are "investment" banks involved in activities that do not have a social purpose - that in point of fact undermine the financial system on which society depends?

    Then we could start looking at the social utility of CDS, other derivatives, high frequency trading, weekly "huddles," etc. From there the suspicion might arise that the investment banks are blackmailing us by making the performance of their legitimate functions dependent on a continued license to run a casino on Wall St.

    The whole God bit is a red herring - the result, whether intended or not, is to introduce questions of anti-semitism into what should be an informed debate about the social purposes of the diverse and esoteric financial operations performed by GS and other investment banks.
    Nov 09 07:21 am |Rating: +3 0
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