Goldman Sachs... Managing the Wealthy

http://www.nytimes.com/2008/10/14/business/14goldman.html?_r=1&ref=business&oref=slogin

Goldman’s state charter, if approved, would set it apart from its direct competitors — Morgan Stanley, Citigroup, JPMorgan Chase and Bank of America. Those banks operate under a national charter, allowing them to open branches across states without separate applications.
Goldman’s decision could indicate that the firm is not interested in a national consumer-focused business — which will differentiate it from its peers. Goldman is expected to focus on managing assets for wealthy individuals rather than providing retail banking services.

Goldman Sachs is going commerical bank. But we're not talking about any commercial bank, their gonna be the bank to holds funds for the wealthy. I guess they learned through indirect experience with the fall in many of their competitors. If Goldman Sachs were my company I'd do the same. Many people many not think this is fair because it only applies to the rich, but it's good management and it secures the future of Goldman Sachs.