My guess is that it was just a matter of Goldman's tarnished reputation becoming more of a liability to the administration. There's a tipping point with reputation-reliant businesses. I don't know if we're quite there yet, but Goldman has already lost its "good" reputation. As hyperbolic as Taibbi's article last year seemed to be, he apparently was closer to the zeitgeist than those who dismissed him.

Nevertheless, Goldman, up until recently, has still had its "effective"/"power" reputation. I.e., regardless of what value judgments people have about the firm's actions, they believed that "Goldman always wins". Goldman is connected, etc. If clients and potential clients start questioning if that reputation is still accurate, it can become a self-fulfilling prophecy.

Plenty of distance down from here. I'm not in any rush, but I may short this if the downward trend continues for another few percent.

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