That looks a very smart call, but Goldmans were in fact behind the curve.

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There are plenty of other Goldmans in the world, most obviously the big investment bank Goldman Sachs.

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Some at Goldmans believe that the real reason for the coup was Mr Corzine's failure to work well with Mr Paulson.

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Mulvihill spent years haggling with the Ministry of Finance for licenses to operate institutional portfolios and mutual funds under one roof and make efficient use of Goldmans fund management and other resources.

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The Goldmans and the Morgans, they do this.

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