I'm not ok with bad jokes.
I'm not ok with stupid, inaccurate analogies and faulty reporting either.
I'm not ok with cheerleading.
Anyone else remember all that taxpayer money Eliot Spitzer wasted?
But I am ok with well-reasoned commentary.
With each day that goes by and each new revelation, the SEC case against Goldman Sachs looks weaker and weaker. I don't think the endgame here has ever been to convict GS in federal court, but to try them in the court of public opinion, to capitalize on the anti-Wall Street sentiment within the media and main street, to push through a financial reform package that, quite frankly, doesn't hurt Wall Street very much, decreases competition, and increases the politicization of financial regulation. The tacit is working. Disinformation is flying around all over the internet and media outlets. They are guilty before the judge even enters the chamber. I'm shedding no tears over it. For years Goldman has profited mightily from the political connections, both Republican and Democrat, contributing close to $1M to the Obama campaign, numerous CEO visits to the White House, and alumni placed in key positions in the administration.
Full disclosure: I hold no positions in investment banks.
I have to say that this will be real interesting to see how it works out. 90% of the ranters and ravers out there had not even heard the term "private placement" last week this time. Now they're experts on securities fraud. The Dylan Ratigan piece was the best. I'm sure he could prove that Goldman caused the big snowstorm this year and caused the Orioles to get off to a 2 and 13 start.
ReplyDeleteMSNBC always has the best screamers and ranters... to heck with reality or a balanced point of view. Goldman is truly the devil incarnate. Thank goodness we have reporters like Saint Dylan to save us from ourselves.
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