Our lawmakers don't understand capital markets. It's embarrassing. If clients want securities backed by boat loans, Goldman Sachs and other investment banks will create securities backed by boat loans even if Goldman believes that, yes, boat loans are "crap". The buyer doesn't care about Goldman's views. In the institutional market, the buyer is responsible for due diligence. Levin should have someone on staff who understands this.
Goldman is a broker-dealer. They are not a fiduciary. Their interest is Goldman and its shareholders.
I am an RIA, a fiduciary. If you ask me to invest all your money in China, I can't do that. It goes against my fiduciary role. Ask a broker/dealer to do it, and they will in the blink of an eye. They are not fiduciaries. If your grandmother begs for a deferred annuity, they'll provide it.
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