Only retail investors ( aka suckers ) will be holding the bag/beer, as always.
I'm curious to know if Goldman Sachs already has an alternative scheme/scam running or it's a case of "chilling out for awhile".
When companies have to present their financials coldly instead of painting the nice warm dream, it's gonna deflate the market. Between that and the other factors hitting the market now (interest rates and inflation), there just isn't going to be a huge amount of work in the space in the future.
You really don't need to assume a conspiracy of some sort is involved when all the completely public factors justify this.
You really don't have to cape up for Goldman. They don't care what we think. They always have enough alumni in the government that they don't have to care. [0] The Biden administration is theoretically less infested with them than previous ones, but e.g. SEC Chair Gary Gensler and Examiner Adam Storch are both former Goldman people. There are probably more but I figured one minute on DDG was enough...
[0] https://www.nytimes.com/2017/03/16/business/dealbook/goldman...
If you look at the new rules the SEC announced, they're so poorly written that no bank would see them as more than an accounting checkbox. Those rules are certainly not the reason for winding down a line of business.
If you want to attack connections between finance and the government, why not focus on real ones? Like, why are the new SEC policies so toothless? Who wrote them, and why?
It could easily be someone from GS, even! But people are a lot more likely to listen to you if you save your criticism for things that are based on facts and clear reasoning. A massive web of innuendo is worth a lot less than one direct problem.
Doesn't have to be nefarious though, if it doesn't make money for them they leave. Someone somewhere else in the business will find some other thing.
That was my take from the 2008 financial crisis: the government had to fix everything. Again. And no Hollywood movie about the European, American and Asian finance ministers who had to make sure the ATMs kept working.
https://www.npr.org/2022/04/08/1091801453/1mdb-fund-goldman-...
He was charged, but nobody else from GS, AFAIK.
https://www.usatoday.com/story/money/business/2013/08/01/gol...
(I remember because he besmirched my good name :-)
Remember, your corporate email is not yours. Especially at a financial services firm.
However the SEC recently increased its "Crypto Assets and Cyber Unit" staff from 30 to 50. Hopefully they'll bring the hammer down on token offerings with enough force to scare the big VCs away, at least.
https://www.sec.gov/news/press-release/2022-56
It's very disappointing how fact-free this discussion is.