Goldman Sachs Finally Admits It Defrauded Investors During the Financial Crisis
The one thing I can never wrap my head around in the banking industry is why this kind of behavior is tolerated by _customers_.Imagine if wherever you work had to settle with the SEC / FTC / ABCXYZ for fraud. Wouldn't this devastate your customer base?Yet when a bank gets fined, it seems simply like business-as-usual. Even when a government agency levies a fine for fraud, or emails are released in which employees actively mock their customers for being suckers, investment banks' abilities to find customers seems unhindered.1) Are my perceptions wrong? Do these events damage reputation more than it seems?2) If banks acting in this manner is the standard... why? Why isn't a firm carving out the "niche" of not being assholes?