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Detroit's Finances and the Financial Sector's Shift from Clients to Trading and Risk

Audio file

Demos Senior Fellow Wallace Turbeville speaks with host Michael Cohen of 1320 WILS about his time at Goldman Sachs, working with the city of Detroit, and the reality of the crisis that brought about TARP.

Turbeville points to his time at Goldman Sachs as evidence of the philosophical shift of the financial industry. Where banks were more client- and relationship-oriented at the time of his tenure, they've since changed to be more trading- and risk-oriented. "More and more, banking is a business where risk and profits go hand in hand."