The Goldman Sachs settlement with the SEC makes a mockery of the American system of financial regulation. A wrist slap of $500 million and a consent decree does little to reinstate confidence in the Ponzified American financial system. $500 million to be paid by a firm that received $12 billion of bailout money and enjoys the backing of the Federal Reserve money store. The same firm that AIG was apparently forced to release from related claims of securities fraud. Goldman has become an alter ego of the US government. Plain and simple.
Thomas Jefferson once said:
No nation however powerful, any more than an individual, can be unjust with impunity. Sooner or later, public opinion, an instrument merely moral in the beginning, will find occasion physically to inflict its sentences on the unjust… The lesson is useful to the weak as well as the strong.
Words well said.
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And Geithner doesn't want Elizabeth Warren...why? Not as spineless as he is, maybe?
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