Friday, 23 October 2009

Not seeing the Sherwood for the fees

Michael "Woody" Sherwood - vice-chairman of Goldman Sachs group and co-chief exec, Goldman Sachs International - attempts to justify his bank's actions during the financial crisis in an article in The Times today.
“What is common to the investment banks, commercial banks, mortgage banks and insurance companies that failed in the past year is poor management practice,” he muses.
True, but the implication of Woody's line is that those banks that did not fail were somehow spared by good management. Nothing to do with government bail outs, then.

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