The people at Goldman Sachs (NYSE: GS) are supposed to be genetically different from the rest of Wall Streeet. They are supposed to be smarter and more astute at taking risks. That may be why the firm's losses have not been as great as those at most other financial companies.

The folks at Goldman looked downright human as news came out that one of its large hedge funds is $1 billion lighter than it was at the beginning of the year. According to the FT, "Goldman Sachs Investment Partners, which was hailed in January as one of the biggest hedge fund launches, raising more than $6bn, has told investors that it had lost $989m by September."

Goldman did have an excuse. The firm said that the hedge fund business was bad everywhere. Cold comfort to investors who lost money.

Unstated by most ,but nonetheless true, missteps by Goldman have hurt its image and brought it down to the level of most other investment banks. Its image as "elite" probably changed with its transformation to being a commercial bank to qualify for one of the federal programs that provides financial aid to U.S. banks. Wall Street wondered why the premier company in the industry would have to do that.

The news about its big hedge fund loss is just one more piece of data. Goldman is no longer special. The credit crisis has made it "ordinary" and there is not much evidence that it can recover from that fall.

Douglas A. McIntyre is an editor at 247wallst.com.