After Goldman

After the government sued Goldman Sachs for fraud, a lot of politicians vowed to finally clean up the system. In an important committee vote on Wednesday, 13 senators — including one Republican for a refreshing change — approved a measure that wou...

"What all those proposals don’t address is whether the type of derivative Goldman was selling should even be allowed to exist.(G.O.P.!) The Goldman deal was nothing more than a bet on the mortgage market, in which one side was destined to win and the other to lose, without “investing” anything in the real economy. The C.D.O. did not hold actual mortgage-related bonds, but rather allowed the participants to stake a position on whether bonds owned by others would perform well, or tank. And that helped to further inflate the housing bubble.

That is not investing. It is gambling, and it is abusive. It has no place in banks that can bring down the system if they fail."This might as well have been written by Faux!

"It would start to restore what has been lost in the crisis: public confidence in the integrity of financial markets. "What? When was that?