To Big To Fail, And To Big To Regulate

Posted By on April 17, 2011

Goldman makes their own rules!  Goldman broke the law and lied.   Eliot Spitzer: ” If they don’t prosecute, shame on them. If they don’t, the Attorney General should resign if he can’t bring this case.”

Goldman is back in the spotlight following Carl Levin’s concluding report, referring Goldman Sachs to the same law enforcement authorities that are overeager to get a job at none other than Goldman (the most recent example of which came yesterday when Bank of America which hired Gary Lynch, a former director of enforcement at the SEC, to head its legal, compliance, and regulatory relations efforts) for misleading investors and perjury, the wave of indignation at the glaringly obvious is once again back in vogue. To wit: on Friday’s Andreson Cooper, Matt Taibbi and Eliot Spitzer presented their views on the fact that several years into the biggest ponzi collapse in Wall Street history, stabilized only by the Fed’s pledging of trillions in taxpayer capital and the Treasury issuing like amount in debt to prevent the insolvency of Wall Street’s corner offices, nobody has still gone to jail. It was actually an oddly open and forthright show. Some of the notable soundbites from the transcript: “Eliot, do you believe Goldman broke the law and lied? – Yes, I do. And I know people are going to say how can you say that as a lawyer? I have read this report. It confirms our worst fears about double dealing, lying. Goldman Sachs has zero, none, nada credibility in my book”…..”Tim Geithner, treasury secretary, apparently reported in today’s “New York Times” was calling people saying don’t bring cases, it will unsettle the markets, so they let these guys go free. Meanwhile, he signed off on $12.9 billion to Goldman to cover a bad bet they made.”…..”Goldman Sachs was the number one private campaign contributor to Barack Obama’s presidential election campaign. It’s one of the single biggest campaign contributors to both parties in Congress”…”Anderson, before I sued, went after Merrill Lynch, which was the first case we filed many years back, I was told by their lawyer — this is a direct quote — “Be careful, we have powerful friends“…and the kicker: “Do you think the Justice Department will prosecute? Spitzer: If they don’t, shame on them. If they don’t, the Attorney General should resign if he can’t bring this case.

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