I think the best summary of the banking business comes from Lloyd Blankfein at Goldman Sachs when he said “we are doing God’s work”. He is right. Look, God made animals with different natures.

Take a look at the Timberwolfe deal that Goldman sold its clients. Everyone at Goldman knew it was a shitty deal, they called Timberwolfe a shitty deal in emails, but it was their product and they had to sell it. And they did because, hey, that is their nature.

It’s the people who bought the deal who ought to be investigated for mental incompetence because if they didn’t know they were buying junk from Golman Sachs they definittely knew that were buying from Goldman Sachs. The mistake the clients made was that they thought they had the same nature as the Goldman guys. And they don’t. The Goldman guys are wolves and the clients are the sheep.

And it’s God’s work for the wolves to feed on the sheep. I think that is what Lloyd is getting at.