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This is the part I didn’t understand at Salomon Brothers. You would think that a firm that traded against its customers would be penalized, and instead the firm that trades against customers the most was rewarded. Goldman is legendary for its duplicity, but customers are afraid not to deal with Goldman. It’s gotten to the point where if you’re a customer that is fucked by Goldman, you’re embarrassed by it rather than angry – it’s sort of your fault because you didn’t know. It’s a weird dependency, this relationship, but it’s part of the culture of the financial business world.”
To catch the entirety of Michael Lewis’ Interrogation, out in ai5000 Magazine in early April, click here.
aiCIO Editorial Staff