The Economist’ Schumpeter has a great piece on being slaves to smart phone. Nothing more needs to be said. Must read. (Print edition: March 10, 2012).
On the Goldman Sachs Executive resignation, so much has been written elsewhere, already. Regardless of all the legitimate questions being raised as to his continuation on the job for twelve years and the lack of ‘mea culpa’, etc., no one should be surprised by the contents of that letter.
William Cohan is right about this open resignation raising existential questions for Goldman Sachs. Not just for Goldman Sachs but for Wall Street, Federal Reserve, US Treasury and the United States itself that has done so much to export this culture to the rest of the world through its Universities and through more coercive methods.
My question is whether we see any links between what is being described in that letter and the recent rally in global capital markets. In a corner of my heart, I think that when historians write about market performance between 2009 and 2012, they would unearth several manipulation schemes. No prizes for guessing that this blogger did not anticipate the first quarter 2012 stock market rally.
Goldman Sachs’ vacuous reply is here. William Cohan has his answer. They do not see it that way.
Readers should see the link between the article on being slaves to smart phones and the Wall Street (or, corporate) culture. One feeds the other.