In New York, the oldest and snobbiest financial and advising ventures are called "white shoe" firms. This, they say, arose from the days when their hoity-toity employees wore white bucks to work. These days, white shoe firms bear names notorious outside New York, like Goldman Sachs and Morgan Stanley. That's because their arrogance, risky investments and confounding dealing in derivatives caused last fall's Wall Street meltdown, slaughtered white shoe firms like Lehman Brothers, froze credit nationwide, and threw the rest of us into the Great Recession.
Comment on Leo W. Gerard: Wiping Blood Off White Buck Shoes
Leo W. Gerard, Huffington Post: Business
Thu, 10/22/2009 - 2:36pm
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