He is exactly right.  Goldman turned into a trading firm where the focus is far too short term in nature.  They have really talented people but the model is more hedge fund oriented, as opposed to client focused.  John Pierpont Morgan is probably rolling in his grave at how things have changed.

http://www.bloomberg.com/news/2012-03-15/goldman-s-change-in-culture-hurts-clients-greenberg-says.html

INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.