Sooner or later the law of averages has to apply to how Goldman Sachs deals with its conflicts of interest. More than most of its peers, Goldman has embraced a world where the lines between client and competitor often seem to be blurred.

But controversies such as the flurry of criticism over its dealings with Greece expose a vulnerability of the model.

In the new Goldman world, where trading has become the dominant revenue force, a client can be advised by the bank on a deal or on a trade. But at other times, the same client could find Goldman’s private equity arm bidding against it for an asset or it could find itself on the losing side of a trade with the bank. Read more