We noted recently that author and journalist Michael Lewis took some shots at Goldman Sachs (NYSE: GS). Now comes journalist Charlie Gasparino, who told FINalternatives: "Under the (CEO Lloyd) Blankfein regime, Goldman became a hedge fund and was almost Darwinian in its approach to trading and where all the revenues came from. It did this by sharing information, by becoming a coherent internal unit that basically works for the betterment of the firm, often at the expense of its broader client base."

"The Abacus deal and the investigation of it proved one thing--and I'm not saying that was high crimes or misdemeanors, I'm not even saying whether it falls into the category of fraud--but what it proves to me is just how Darwinian Goldman is with clients, and that the firm comes first all of the time, and clients are, if anything, a distant second," he said.

Gasparino went onto say the SEC settlement forced Goldman to admit the deal was "sleazy." We've heard this theme before. And the savviest potential clients are aware that Goldman embraces "contradictions" in a way that might make it appear as if it is working against you.

Still, he predicts the company will have to become much more client focused. But for all the angst, it does appear that the firm held onto its top corporate clients. Yet you do have to wonder what the more traditional bankers think about the culture the traders have created.

For more:
- here's the interview

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