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Jase

Feds Open Criminal Probe of Goldman

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http://finance.yahoo.com/news/Feds-open-criminal-probe-of-apf-3122488206.html?x=0&sec=topStories&pos=2&asset=&ccode=

So let me ask sort of a dumb question. If the actions of firms like Goldman Sachs were already illegal, why is it so necessary for congress to ram through new wall street regulations to "prevent it from happening again"?

:lurk5:

That's assuming they were only doing illegal stuff and not stuff that was/is legal but shouldn't be.

It's not that the 'system' didn't work, it's that the people who were supposed to be regulating this stuff were watching porn instead.

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Oh so it did work and I am just being fooled?

If it didn't work (and personally, I don't think they can design a system that allows profits and completely eliminates the possibility of failure), its not because of the regulations or lackthereof, but because of the enforcement failure. So more regulations and more bureaucracy definitely will not fix anything.

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Oh if only the SEC had been watching instead of watching porn...

http://www.washingtontimes.com/news/2010/feb/02/sec-workers-investigated-for-viewing-porn-at-work/

The work computer of one regional supervisor for the U.S. Securities and Exchange Commission showed more than 1,800 attempts to look up pornography in a 17-day span: "It was kind of distraction per se," he later told investigators.

But he wasn't alone. More than two dozen SEC employees and contractors over roughly the past two years have faced internal investigations after they were caught viewing pornography on their government computers, according to records obtained through the Freedom of Information Act and other public documents.

The activities of porn-surfing SEC workers, a small fraction of the overall work force, have been serious enough to warrant a mention in each of the past four semiannual reports sent to Congress by the SEC's office of inspector general.

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The Finance Reform is NOT all about Goldman Sachs. By the way there was a system in charge. A world-wide economy is not autonomous and has always had some kind of federal oversight groups. The fact is the Bush Administration felt loosening the reigns and allowing more freedom would result in "trickle-down" economics. Here is a cliche for ya! Trickle down economics is the equivalent of Wall Street pissing down the backs of the working man and telling him it is raining.

Why isn't Freddie and Fannie being taken to the woodshed?

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Why isn't Freddie and Fannie being taken to the woodshed?

Or the SEC, or the Congress, or President Clinton, or the smaller banks. Goldman Sachs is evil personified right now, and they are bearing the brunt of the blame, because they are the biggest and the most well known of the investment banks. But they are only a relatively small player in the financial crisis.

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The Finance Reform is NOT all about Goldman Sachs. By the way there was a system in charge. A world-wide economy is not autonomous and has always had some kind of federal oversight groups. The fact is the Bush Administration felt loosening the reigns and allowing more freedom would result in "trickle-down" economics. Here is a cliche for ya! Trickle down economics is the equivalent of Wall Street pissing down the backs of the working man and telling him it is raining.

If you are going to point fingers at presidents you should not forget Clinton. The "loosening of the reigns" you speak of began under Clinton.

Of course there is plenty of blame to go around and it will likely not be truly touched by the Obama administration either as the people responsible for the mess are the people "fixing" it.

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