3 ms·

>is that we erred in allowing investment banks to incorporate Pardon my ignorance, but was there such a time in the past when investment banks weren't limited

• Thrymr 14y ago
  They used to be limited liability partnerships, but now are public corporations. For example, Goldman Sachs went public in 1999. Liability in a partnerships isn't unlimited as the GP suggests, but there is a higher level of personal responsibility.
  • sigkill 14y ago
    I understand that as a partner in an LLC/WLL that even in a "limited liability" the liability is quite present. :-) I'm too young to remember private banks as llc/wll though. This reminds me of an anecdote told by my dad. He had bankers calling him quite often asking to "invest" his money instead of letting it sit in the account. For the first few times, as courtesy he'd politely decline. But when they really started getting to him, he coolly said something like this, "If you or anyone in your chain can PERSONALLY guarantee that you will NOT lose my money in the current scenario I will pull out every single cent I have and gladly hand it over to you". Needless to say, he stopped getting the calls.