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Friday, July 24, 2009

Goldman Sachs and bubbles

Listen to this heated debate on whether Goldman Sachs manipulated the market and engineered every bubble since the Great Depression.  I reckon it's hard to justify such claim but without correcting the perverse incentives on Wall Street, traders of Goldman Sachs and alike will soon again risk the whole financial system in order to earn their big fat bonuses. I don't blame Goldman Sachs; I blame the misaligned incentive system.  (source: On Point)