On the recordApril 22, 2010
last week we saw two stories about Goldman Sachs. It made record profits of $1 billion a month for the past 3 months and it was sued for civil fraud by the Securities and Exchange Commission for the manner in which it made that money misleading its own clients. Goldman has transformed itself from one of the most respected institutions on Wall Street to one of the most reviled for putting itself ahead of its clients and the American people. The $1 billion designed-to-fail Abacus deal for the benefit of a hedge fund billionaire who needed to get richer did not create a single new job in America. It did not provide a single American family with a new mortgage. It didn't help a single new business get started. It did more to damage the economy than it could possibly have done to have helped it. But the only difference with this Texas Hold'em new poker game that Goldman fuels is that when Goldman makes a bad bet the American taxpayer is the loser.
