Explaining the problem with Goldman

John Gapper of the FT is doing a two part column on Goldman right now, the first half of which is very reasonable and realistic (rare for stuff on Goldman, which is usually either written by flaks for the bank or ppl who hate it): "A credibility problem for Goldman."

My favorite quote:

"Thus, at the heart of the financial system, now sits a professionals-only, high-risk Wall Street firm with its own private equity and hedge funds arrayed on top of a nonpareil corporate and government client list, which taxpayers reasonably assume is gambling with their money.
You do not have to be a vampire squid-style conspiracy theorist to see the difficulty. Goldman wants to carry on as its old self (but bigger) in a world that has changed."