Goldman v. United States: What It Means

"It is not what a lawyer tells me I may do, but what humanity, reason and justice tell me I ought to do." - Edmund Burke, statesman, philosopher  

My friend John Fullerton a 20 year Investment Banker from JP Morgan just wrote a must-read piece on the recent Goldman Sachs issues of conflict of interest, and the resultant SEC Lawsuit.

                 

John's last sentence sentence sums up my views on the need to rewrite the source code of financial system.

"There is much hard work ahead in creating a resilient and trusted financial system that serves the needs of the real economy rather than the self-interest of a few.  More importantly, finance must evolve so it can fuel the transition of the real economy to respond to the injustice of gross and increasing wealth inequality, and, for the first time, to intelligently acknowledge the finite boundaries of the ecosystem that are in conflict with the finance driven global economy’s never ending growth of material throughput."