Goldman Sachs is on the defensive when it comes to its ever-profitable ways. The New York Times raises an interesting issue: Was it ever really in trouble? Most people assume it was in trouble, back when the credit crunch seemed to imperil all the top banks. Two big banks went down. Morgan Stanley and Goldman Sachs, then the gold standards, seemed to be vulnerable.

Now executives, via the Times, are disputing the notion that they were in the same boat as others. One issue not discussed is why the bank converted to a commercial bank holding company. Did regulators force this move upon it and Morgan Stanley? It may have been a panic move. In any case, the bank has put the episode behind it. There are other issues regarding Goldman Sachs and other top banks, regarding their ability to bounce back with a public safety net under them.   

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