Goldman Sachs’ Unforgivable Sin?
Goldman Sachs was the one big name that came out in relatively good shape as the financial crisis unfolded in late 2008. They didn’t have to take government money to weather the storm. They were in a good enough position to get it from private sources instead. Like Warren Buffett. So it looked like Goldman came out in relatively better shape through this carnage. Until now. US regulators filed fraud charges against Goldman a couple of days back. But what’s new? Hasn’t Goldman been charged in the past? And come out unscathed? Don’t they have friends in the highest places? Former Goldman employees include former US Treasury Secretary, Henry Paulson and Governor of the Bank of Italy, Mario Draghi. Isn’t Goldman Sachs referred to as ‘ Government Sachs ’ because of its connections within the US government? This time it could be different. In the past, the people who suffered due to Goldman’s actions were the general public or other players on Wall Street. As Bloomberg said, that’s some...