Time Magazine Commendably Defends Goldman Sachs

I am of the opinion that William Cohan’s groundbreaking piece in the latest Time Magazine is a must read (click here). Many in the blogosphere did a fine job defending Goldman Sachs in the wake of the asinine hit-piece in Rolling Stone this summer (my own defense can be found here). But to see a hyper-liberal mainstream magazine pick up the gauntlet to defend this remarkable institution is wonderful. (Cohan, by the way, was the author of the authoritiative book on Bear Stearns that I reviewed here as part of my new review series)

This issue is not important to me because I work for a Wall Street firm; indeed, I work for a major competitor of Goldman Sachs, so natural biases would lean me the other way! This issue is important because Goldman Sachs has become a poster-child of the populist rage and class warfare of this era. And worse, they have become a perfect symbol of the economic ignorance and historical revisionism that will end up characterizing this era if more work is not done. I intend to do my very best in this arena.

I do not know if anti-semitism plays a role in the hatred of Goldman Sachs we see all around us. I think it must play some role. But I do know this: that Rolling Stone article earlier this summer was laughably bad, and the article in Time magazine gives me hope that the truth may yet prevail.