Of all the Wall Street tribes rendered extinct by the financial crisis, few were as symbolic as the Goldman Sachs proprietary trader.
While many financial institutions employed traders to make bets using their own capital, the prop traders of Goldman managed to attain a near-mythological status for their ability to make the bank, and themselves, vast amounts of money.
Goldman traders seemed close to that modern-day financial archetype, “Masters of the Universe”. They were revered inside the bank for the billions of dollars in profits they generated, and eyed suspiciously by outsiders for their pay packets and their potential to generate conflicts of interest with the bank’s regular clients.
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