Never On Sunday

“Our clients’ interests always come first. Our experience shows that if we serve our clients well, our own success will follow. Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the most difficult to restore.”

—opening sentences of the Goldman-Sachs prospectus, on going public in 1999

Collins: “Do you have a duty to act in the best interest of your clients?”
Sparks: [pause] “I believe we have a duty to serve our clients well.”

—Sen. Sue Collins (R-ME) and Goldman Sachs executive Daniel Sparks, from the recent Senate hearings

Levin: “Should Goldman Sachs be trying to sell a shitty deal?”
Sparks: “Well, there are prices in the market that people want to invest in things.”

—Sen. Carl Levin (D-MI) and Goldman Sachs executive Daniel Sparks, from the same hearings

“Who wants to entrust their money to a Goldman Sachs fund after this?”
—WSJ columnist Brett Arends

“We have been a client-centered firm for 140 years, and if our clients believe that we don’t deserve their trust, we cannot survive.”

—Goldman Sachs CEO Lloyd Blankfein

From Lloyd’s mouth to God’s ear.