Goldman Sachs has admitted the Investment Bank business model is not viable;
PN point, they've declared Investment banking as not viable for them, that is:
I'm distinguishing "Investment Banking" of the Wall Street variety from the kind of "Commercial Banking" that Jerome does.
Properly, Jerome does Investment Banking and Wall Street did Speculation Banking but that's the nature of doublespeak. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
