How a Goldman Sachs Ethicist Became a High-Rate Lender
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Steven Mandis was working on a book about whether Goldman Sachs Group Inc. put profit above principles when he hit upon a new way to make money.
The former Goldman Sachs banker decided two years ago to get into lending money to struggling small businesses, a niche on Wall Street where brokers offer loans with interest rates that can climb past 100 percent to dentists with bad credit and pizzeria owners behind on their bills. To some, it’s the new face of subprime.