Thursday, May 12, 2011

Get Ready to Really Hate Goldman Sachs

Posted By on Thu, May 12, 2011 at 1:40 PM

Matt Taibbi is turning out important, dynamic journalism at Rolling Stone month after month lately, and his new article brings up the same question that some of his recent work on the financial meltdown did: Why are these people not going to jail?

But Goldman, as the Levin report makes clear, remains an ascendant company precisely because it used its canny perception of an upcoming disaster (one which it helped create, incidentally) as an opportunity to enrich itself, not only at the expense of clients but ultimately, through the bailouts and the collateral damage of the wrecked economy, at the expense of society. The bank seemed to count on the unwillingness or inability of federal regulators to stop them — and when called to Washington last year to explain their behavior, Goldman executives brazenly misled Congress, apparently confident that their perjury would carry no serious consequences. Thus, while much of the Levin report describes past history, the Goldman section describes an ongoing? crime — a powerful, well-connected firm, with the ear of the president and the Treasury, that appears to have conquered the entire regulatory structure and stands now on the precipice of officially getting away with one of the biggest financial crimes in history.

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