Remove Efficiency Remove Ethics Remove Innovation Remove IPO
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Culture, Not Leverage, Made Wall Street Riskier

Harvard Business Review

Before the IPO in 1999, partners of Goldman Sachs owned equity in a private partnership. The result was an intense focus on risk, including risks related to ethical standards. But leverage limits may have unintended consequences for capital markets’ competitiveness, innovation, growth, and efficiency.

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Why WikiLeaks Matters More (And Less) than You Think

Harvard Business Review

And unfortunately, it's also one of the most in need of radical institutional innovation. That's why the traditional understanding of everything from GDP to " jobs " to " profit " to " IPO " is limited. But prosperity is always going to accrue to those who innovate yesterday's rusting, creaking institutions.

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