Tuesday, May 17, 2011

The People vs. Goldman Sachs

The Senate Subcommittee on Investigations, chaired by Carl Levin (D-Michigan) and Tom Coburn (R-Oklahoma), recently released the results of their investigation into the financial crisis in a 650-page report, "Wall Street and the Financial Crisis: Anatomy of a Financial Collapse".

Matt Taibbi, Rolling Stone, summarizes the report thusly:
Their unusually scathing bipartisan report also includes case studies of Washington Mutual and Deutsche Bank, providing a panoramic portrait of a bubble era that produced the most destructive crime spree in our history — "a million fraud cases a year" is how one former regulator puts it. But the mountain of evidence collected against Goldman by Levin's small, 15-desk office of investigators — details of gross, baldfaced fraud delivered up in such quantities as to almost serve as a kind of sarcastic challenge to the curiously impassive Justice Department — stands as the most important symbol of Wall Street's aristocratic impunity and prosecutorial immunity produced since the crash of 2008.

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