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Shocking, Just Shocking

Such a stir created by a departing Goldman Sach’s executive writing in The New York Times about how the firm is more interested in creating profits for partners than gains for clients. Is this really “breaking news” about Goldman or most other investment banks and management firms?

By Jonathan D. Miller | Updated on March 15, 2012

Such a stir created by a departing Goldman Sach’s executive writing in The New York Times about how the firm is more interested in creating profits for partners than gains for clients. Is this really “breaking news” about Goldman or most other investment banks and management firms?

Sure the talk coming from investment advisors is all about performance for clients and aligning interests. “If we deliver for clients, they’ll stick with us and give us more to invest. If we do well for them, we’ll do well for ourselves.” But the pre-2008-collapse, institutional investment model for real estate was all about maximizing profits for managers or general partners and not necessarily investing in properties for their clients’ best long-term advantage. And if managers have their way, they’d like to resurrect the same game although the real estate and debt markets have not exactly been cooperating lately.

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