[inthewoods]

Banking culture is unique in that it seems completely willing to burn customers - I can't think of any other businesses that have this so embedded in their approach. Imagine a company like Zendesk, where, at the end of the year, they suddenly charged their clients an additional $5k on their credit card just because they had it on file.

And yet people and companies continue to do business with them. If a company like Goldman approached me about doing a deal on a credit swap, I'd assume I'm going to get the shaft - but large pension companies continue to work with them.

Of course, this is a generalization - there are honest people in the finance industry, but they tend to be in roles where the incentives, again, are aligned with their clients. I'm thinking RIAs and companies like Vanguard.

[pktgen]

> And yet people and companies continue to do business with them. If a company like Goldman approached me about doing a deal on a credit swap, I'd assume I'm going to get the shaft - but large pension companies continue to work with them.

This is what I've always wondered: how the hell do companies like Goldman still exist and get business?

[inthewoods]

To a large extent, I think it is because there are very few companies that can deal with the complexity of, say, going public or writing CDS contracts. So to a certain extent people, particularly large clients with billions under management, don't have much choice.