You can see magic one of two ways: as mystery or trickery. Goldman Sachs recent profitability is certainly magical, but is it due to mysterious forces or is it a trick they have played? That’s what the New York Times is poking at in this Op-Ed Article: Big Profits, Big Questions.
The poking around is fine and good, but like any good magician, Goldman Sachs will want to bow and move on before anyone has a chance to seriously ask: how did they do that? Having suffered enough from previous incantations from the financial industry, it is time to understand the magic behind this new found profitability of the banks. Now.