WSJ as usual defends Corporations against left wing attacks.
Rightly or wrongly, a business occasionally is picked out by the fates to serve as the "unacceptable face of capitalism"—a term coined by the late British Prime Minister Edward Heath. Goldman Sachs, for a lot of people, is today's UFC.
The kinder jokes refer to the legendary investment firm as "Government Sachs," because of its connections to former Treasury Secretary Hank Paulson (once a Goldman CEO) and other alumni who, as Washington officials, had hands in last year's financial crisis rescue operations. More rudely, a writer in Rolling Stone magazine likened Goldman to a "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
Of the five major investment banks that walked the earth little over a year ago, only two survive—Goldman and Morgan Stanley. Lehman is dead; Bear Stearns and Merrill have been absorbed by commercial banks. Even in surviving, the cost in reputation for Goldman has been unmistakably if obscurely higher than for its fellow survivor, Morgan Stanley.
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