Agree Jagan. JPM theft of legit and responsible firm Washington Mutual over that one weekend was, to my knowledge, the biggest corporate legal act (which by all common sense accounts would be considered THEFT - but I know it was all legal because all of the congressmen and lawyers say it was legal) EVER. They 'bought' all of WAMU assets and left all the liabilites for the TAXPAYERS. They did it all within hours over the weekend and NOBODY ELSE bid on the assets. I can't remember the details but I believe it was something like a $100 Billion LEGAL ACT (not to be confused with common sense THEFT from WAMU shareholders and taxpayers). Yes, it was Jamie Dimon doing this. But how many 'good people' at JPM profited from this. Shall we consider them innocent, good people? Or are they enablers? Do they have a moral obligation to say how WRONG JPM was and how they and their families live off of DIRTY MONEY? I have never heard one of these 'good people' ever tell it like it is.
What top management does to their clients at GS, Merrill Lynch and other firms is no reflection of all individuals who worked there. They all do things that brokers, traders and IBs are not privy to for huge bonuses.
Some are here to help you by posting real facts, then you decide.
They never apologized nor did anyone, to my knowledge, ever come close to receiving even one day in jail. Nope. They only laughed. Maybe MaxDad can tell us about the good old days and how much they laughed at all of us.
I would if I could but frankly I was already gone by then. And for what it is worth on the point you made here I pretty much agree with you, though it was certainly not the whole firm and NOT on my side of the house at all which was pretty damned clean (it HAD TO BE !!!). And believe me, you're not even close to being the first person to point this out to me!!!
I personally trace it back to going public in '99 (I was a Partner and had serious reservations, though I made a BUNDLE on it)...The culture started changing, the way things were managed and communicated evolved, and not in a good way at all. It took me a couple of years of watching things go downhill before I had the courage to leave (and still felt a great deal of loyalty)...AND I am proud of my time and experience there and have no regrets leaving when I did.
And for what it is worth, GS still has some great people, many great (CLEAN) operations, but like many other "too big to fail" institutions, way too much power that is still not always properly controlled. So please don't put GS into one monolithic category any more than you would like yourself, your family or any affiliations you have to be so categorized.