I don’t think I’m being vindictive by saying that I hope the courts hold Goldman Sachs feet to the fire in these present inquiries. They have always been among the best and the brightest. Perhaps integrity and honorable dealing was never their standard. Perhaps their credo has always been: TO MAKE MONEY. BY ANY MEANS NECESSARY.
That is something they have done for decades – perhaps more successfully than any single other Wall Street firm. These Masters of the Universe are now charged with having knowingly sold defective securities to individuals, to other firms and to pension funds. That act alone is criminal, for having knowingly misrepresented the standing and value of their products.
Existing regulations (or an absence of regulations) also allowed them to place huge bets that the products they sold would lose value…as they surely did. Goldman Sachs enjoyed huge profits from their short bets on defaults as well as from the fees of the junk they marketed.
These were decisions made by Goldman, based not upon any greater good or integrity but on expectations of profit.
“For what shall it profit a man, if he shall gain the whole world, and lose his own soul?”
I don’t want the soul of Goldman Sachs (if any such entity yet exists…or ever did.)
But their actions should offend anyone who despises fraud and venality.
I hope they do not ‘good-old-boy’ their way past the charges levied against them. I want whatever profits generated by their amoral cupidity to be seized…along with a pound of their leadership’s flesh.
Is Goldman Sachs “TOO BIG TO FAIL”? Look, if you can’t police the moneylenders, you might as well bend over;)
I’d sic Elliott Spitzer on their ass.
17 April 2010