Thursday, September 18, 2008
Around August '07 I was in conversation with a rather grand City figure (RGCF). He was doing the 'we know a thing or two, Bryan' nonsense. The trick is to suggest there is some permanent financial wisdom passed on like fob watches from generation to generation. I pointed out the absurdity of this, saying, at one point, that Goldman Sachs was an upstart with a rather improbable and fragile business model over the long term. He fell about, suggesting, as everybody once did, that GS was a company staffed exclusively by geniuses who, in time, would not only take over the world but also produce great works of art in the process. I am afraid, therefore, I cannot help deriving some satisfaction from the disintegraton of the investment bank business model, a disintegration which is even now besieging the rather tatty Camelot of GS. I must look up that RGCF; I do love a good crow.
Posted by Bryan Appleyard at 5:05 am