Goldman Sachs was once legendary for its trading prowess.
The traders were so admired and envied on Wall Street that people were convinced they had some kind of edge over their counterparts at other firms.
The theories varied, depending on who you asked. They were front-running hedge fund clients, manipulating markets, or using government connections to game policy. Other folks just thought the Goldman traders were smarter than every one else. People said that Goldman was a hedge fund disguised as an investment bank.
Full story: The Twilight of the Goldman Sachs Trading Gods – US Business News Blog – CNBC.