From WSJopinion: A Goldman Sachs memo colorfully captures the deepening mess the precepts of contemporary ideological orthodoxy are making of our society, our economy and our democracy, writes gerardtbaker
Journal Editorial Report: Paul Gigot interviews Wall Street Journal columnist Andy Kessler. Images: Zuma Press/WSJ Composite: Mark KellyA few years ago the then-boss of Goldman Sachs explained to me the main reason he thought the firm had risen to such a dominant position in global investment banking over the previous half century. At the start of that period, banking was still dominated by a blue-blood class.
But the tickets were available mainly to men from the right sort of background. The rules for identifying and selecting these men were opaque. There was no formal bar on anyone from a particular socioeconomic status being admitted to the magic circle—that would have been crass and, even then, illegal. Instead a complex system of semiotics did the job of weeding out the riffraff.
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