Political Nutz

Observations on the pathetic state of American politics

“A Snake Pit Rife with Greed”

Those are some of the words in a Senate subcommittee investigation of Goldman Sachs‘ practices leading up to the collapse of the mortgage market and the Great Recession.  Surprise, surprise!  I’ve recently read several books (including All the Devils are Here) on the Recession and it’s ever so clear that many banks knew the collapse was coming and in fact structured their investments to profit from the demise of the housing market.  There was obviously unethical and illegal behavior at dozens of firms like Washington Mutual, Countrywide, AIG, Ameriquest and especially Goldman Sachs.  So it’s nice that the Senate excoriates these people and of course the SEC fined Goldman $550 million last year.  But when all is said and done, the big wig investment bankers lied and defrauded clients causing countless Americans to lose their homes and life savings.  And they all pocketed millions of dollars….   and none of them has spent a minute in prison where they belong.

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