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July 16, 2009
The Economist: Goldman Sachs's record profits.
In the land of the blind, the one-eyed man is King.
--Erasmus of Rotterdam (1468–1536)
But a win is still a win. See yesterday's article in The Economist, "Keeping Up with the Goldmans". Excerpts:
This windfall will eventually dwindle. Goldman and other survivors will benefit from the coming wave of debt issuance by federal, state and local governments. But dealer spreads are sure to shrink as markets normalize and those that have retreated return to the fray.
This is likely to be offset only partially by a pick-up in businesses tied more closely to economic growth, such as advising on mergers and acquisitions.
Wall Street will also face tighter shackles. Regulators are on the warpath against commodities speculators. A clampdown is also coming in credit derivatives; this week America’s Justice Department joined those probing that market.
Erasmus, by Hans Holbein the Younger, 1523, Musée du Louvre
Posted by Rob Bodine at 11:59 PM | Comments (0)
The Divine Mr. Greenfield: Policing Your Kool-Aid for You.
Because let's face it: a lot of us drink the work-life balance Kool-Aid before we even read the instructions. See Scott Greenfield's from-the-heart "'Cause You Got To Have Friends". This is the most eloquent writing we've seen this year on (1) the meaning of lawyering, (2) why clients matter most, and (3) the hard but important reality that there are simply no short-cuts in this profession. Excerpts:
There are clients, real people who suffer real consequences, as a result of the delusions perpetrated on the internet.
They come to lawyers believing them to be competent, even expert, and willing and capable of helping them, saving their lives sometimes. And the lawyer's primary focus is to get paid and be home by dinner, with the client merely the conduit for the transfer of revenue and proof of the mastery of the secret to success.
So I leave my niche in criminal law from time to time to be a voice in the wilderness, that we are not selling laundry detergent, but are lawyers, professionals, in whom people repose their trust. I've seen their children cry when their lawyers fail to fulfill their duty. The need to enjoy a happy lawyer life will never wipe away their tears.
The Divine Mr. G, without eyeglasses. Scott Greenfield worries about the the profession because you and the WLB consultants won't.
The Divine Ms. M never mailed it in, either.
Posted by Rob Bodine at 09:57 PM | Comments (1)