Wasn't there a lawsuit that an investment bank (can't recall if it was Goldman Sachs or not) can deceive its clients and not disclose that it has a competing or directly contrary interest?
And then there's this, and a dozen other stories about Goldman Sachs deceiving its clients in the past.
FWIW, those rules are relatively nuanced. It's not like someone ruled that Goldman can deceive all clients at all times in all transactions.
Typically it comes up in places where there's a question of whether the bank is responsible getting their client the best possible price in a transaction or whether the bank is acting as an arms-length counterparty who happens to be taking the other side of the transaction. It also depends on the sophistication of the client and whether it's a transaction where the client should expect Goldman to be bullshitting them.
Goldman acting as a bank for the Apple credit card is completely different from Goldman acting as the counterparty in a large FX hedge or bond deal.
And then there's this, and a dozen other stories about Goldman Sachs deceiving its clients in the past.
https://www.washingtonpost.com/opinions/goldman-sachss-long-...