Another piece of evidence that resident regulation enthusiasts will select to ignore.
Expanding on these thoughts however, Blankfein recognizes that unlike the examples he draws of Amazon disrupting the business of Barnes and Noble, Goldman Sachs exists in a reasonably defended position.
“It’s very hard for outside entrants to come in disrupt our business simply because we’re so regulated. We hear people in our industry talk about the regulation, and they talk about it with a sigh about the burdensome of regulation. But in fact in some cases the burdensome regulation acts as a bit of a moat around our business.”