The "Vampire Squid" at 142 years
By Joel Stonington 9/21/2011
Goldman Sachs (GS), the most profitable investment bank in Wall Street history, went through a bit of a rough patch during the economic downturn. The firm posted its first quarterly loss since going public and handed over the largest fine ever collected by the Securities & Exchange Commission. From a purely economic angle, it appears that Goldman is now back on track, with $8.35 billion in profit last year. In the court of public opinion, however, Goldman Sachs is still on trial.
The company was called the greedy cause of the downturn for selling bad debt and then betting against it. Rolling Stone framed Goldman as a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. That's not to mention a 650-page Senate report that hangs over the firm.
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