If we go with what Mr. Jack Welch says about maximizing the shareholder value, then it seems that the dumbest firm in the world is none other than Goldman Sachs, really?
Yes, Mr. Welch says that the idea of maximizing shareholder value is the dumbest idea in the world, which straight away means that Goldman Sachs is the dumbest firm in the world too. Does this conclude that Goldman Sachs is not only corrupt but also unintelligent in the extreme for primarily recommending shareholder value above all even at the expense of everything else?
Some statements regarding the issue came from few commentators like Mr. Greg Smith, who wrote in his OpEd article (published in the New York Times on Wednesday) that mentioned something which people already knew along with stating that “Goldman Sachs has become stupid. The principal sign of stupidity is an inability to learn. Goldman shows no signs of learning.”
It would have almost collapsed and shattered all the banks along with Goldman Sachs about four years ago due to careless pursuit of following their own interest but thanks to the government, which timely stepped in and created the artificial but highly safety net to save them from crashing.