Short Memories on Wall Street
Fascinating piece in New York Magazine this week on how Wall Streeters are adapting to the new realities presented by the financial crisis.
The most telling parts of the piece, however, come not from the writer of the story but from a source identified only as a "Goldman vet"
“When I talked to my friends in November and December at firms like Goldman, they would tell me, ‘If the government doesn’t bail us out, we’re going down.’ They really thought they were going to zero, and without exception, they all forget that now. They forget that their company’s stock was going to zero. It’s a state of delusion; they don’t remember those days. The flip side of that is, every guy except the Goldman guy remembers that Goldman was bailed out.”
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