For better or worse, Goldman Sachs is one of the most efficient and cold-blooded profit machines that the world has ever seen.
That inherent nature has led The DeathStar of Wall Street down a few dark paths in pursuit of value. And more often than not Goldman will stay on that path should its journey prove accretive. But once in a while, things will become so twisted and dark that even Goldman Sachs will decide that this shit just ain't worth it.
We saw this phenomenon occur recently when Goldman ultra-logically acquired Venezuelan bonds on the super-cheap and then got rid of most of them once it became clear that 200 West Street was kind of invested in the gradual starvation of an entire nation.
That was a stark example. Amazingly enough, per FT, we now have another:
Goldman Sachs is exploring options for its small stake in The Weinstein Company and some of the film studio’s projects are in jeopardy as the fallout from the sexual harassment firestorm engulfing disgraced movie mogul Harvey Weinstein spreads across Hollywood and the business community.
Goldman was an integral force in the creation of The Weinstein Co. and has also been involved in a few deals to keep Harvey afloat over the years. Lloyd and Co. are apparently holding onto to less than a $1 million stake at this point, making it even more pointed and telling that Goldman is looking to get out. For Goldman Sachs, an investment totaling less than seven figures is a rounding error within a rounding error...within another rounding error, so the energy spent getting rid of it will be relatively obscene in 200 West terms.
But apparently we've reached a point where even cold-blooded profit machines are no longer able to look the other way on the atrocities committed by titans of industry. And whether that change is organic or enforced by the culture, it's probably for the long-term good.