Is Goldman Sacks Irresponsible?
I always held big I-banks in awe because I know they take only the best talent from the best schools and pay top dollar. Recent events in the economy have begun to shake my esteem for these institutions. While my humble opinion may mean little to them, it is beginning to be obscene at how blatantly these companies manipulate the markets.
The most recent example is a Goldman Sacks analyst predicting that oil will jump to $150/barrel. When such an influential company makes a statement like that in a very volatile market where crude is believed to be $60 overpriced in a speculative bubble it is irresponsible and clearly meant to benefit no one but the company.
So is the analyst irresponsible? Absolutely.