Interview With Former Goldmanite Turned Critic - Greg Smith

``early in the decade, you know, your viewers will know there was a string of deregulation that occurred which basically allowed banks to start betting with their own money and took complicated securities called derivatives that took them off exchanges and put them in the dark really to a point where nothing could be tracked. So, Goldman Sachs realises that it can actually make more money by using its clients' information to bet for itself as opposed to the old ideal of, "Let's partner with a client, let's collaborate, make money more slowly." And, you know, it's evident in Goldman's revenues. In 2002 Goldman made $5 billion in trading. By 2007 the firm's making $32 billion. Now, businesses don't grow five-fold in five years unless something meaningful has changed in the way you operate and think about your customers and the revenues translated into a change in behaviour to the point where it literally became an eat-what-you-kill, take-the-money-and-run mentality where I even feel the leadership of the firm does not necessarily have the long-run interests of the organisation at heart.''