http://www.ft.com/cms/s/0/ffb670be-9d33-11de-9f4a-00144feabdc0.html?nclick_check=1
If there was no value either socially or economically, then WHY were they allowed to be preformed?
The answer: Because THEY could! and did without a worry in the world as to the damage that they knew was coming down the pike.
Lloyd Blankfein, chief executive of Goldman Sachs, on Wednesday admitted that banks lost control of the exotic products they sold in the run-up to the financial crisis, and said that some of the instruments lacked social or economic value.
In a speech to the Handelsblatt banking conference in Frankfurt, he also repeated an attack, first made in the spring, on Wall Street compensation practices, calling the furore over bankers’ pay “understandable and appropriate
