Crisis Leaves Goldman Nearly Unruffled
Being ahead of curve, having friends in high places pays dividends
By Jim O'Neill,  Newser User
Posted Oct 2, 2008 4:08 PM CDT
In this Aug. 21, 2008 file photo, billionaire investor Warren Buffett speaks during a news conference in Omaha, Neb.    (AP Photo/Nati Harnik, file)
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(Newser) – With the US financial inferno taking down most of the big investment banks, Goldman Sachs is set to emerge “essentially the same institution,” David Weidner writes in MarketWatch, stronger than it was before and with the same powerful array of friends in high places who, intentionally or otherwise, have helped it navigate the credit crisis.

“Goldman, like its rivals, is on the prowl for deposits, but unlike its competitors, it will be the acquirer,” he writes, pointing out that Bear Stearns, Lehman Brothers and Merrill Lynch are no longer around to offer competition. “Goldman emerges from this mess essentially the same institution. It has the same lack of transparency. It still manages hedge funds and private-equity businesses. It still has a thriving prime brokerage business.”