Witch hunt? I think so

Feds open criminal probe into Goldman Sachs, according to the WSJ That’s a major step beyond the SEC’s civil complaint, but if Goldman is guilty of violating criminal laws, so is every other Wall Street firm. The supposed victims are all big boys, it seems to me, and they can look after themselves. I’m no fan of GS, but I sure haven’t seen any evidence of wrong doing – just people betting on opposite sides of a deal, which is how the institutional side of Wall Street operates. Goldman is NOT, and never has been, a retail operation, so duties owed to Mom and Pop down on Main Street don’t come into play here, despite what our Senators claim.

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3 responses to “Witch hunt? I think so

  1. shoeless

    Chris,

    Goldman became a bank holding company just to slurp off the taxpayer teat (and to stave off insolvency at the height of the crisis). At that point, the game changed. I agree that others are just as guilty, but as I’ve said before, you need one orange jumpsuit before you can require a second and third.

  2. shoeless

    Here’s an interesting story about how GS may have pushed BS and Lehman down the stairs:

    http://www.nakedcapitalism.com/2010/04/goldman-and-deutschebank-as-predator.html