And now comes the proof: When a young examiner at the NY Federal Reserve challenged the business practices of Goldman Sachs, the Fed's reaction was to fire her.
It seems that having blatant conflicts-of-interest were how Goldman made much of its money. It simply was not profitable for them to follow the rules or the law. So they didn't.
Any the NY Federal Reserve went along with it. Because those guys had worked at Goldman and they intended to go back there (for a lot more money) once they were done rigging the rules for Goldman's benefit.
It's nice to see that the DoJ is (finally) going after JPMorgan, but when are they going to go after the true villains?
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2 comments:
"They" are never going after the true villains. There's too much profit (or at least there's job security) in leaving things as they are.
What we need is a Wall Street equivalent of Edward Snowden to grab Lloyd Blankfein's and Jamie Dimon's (and etcetera's) dirty underwear and hang it from the highest skyscraper. Public outrage blooming in the sunlight, not self-interested administrators undoing the law and regs in the shadows – will solve the problem.
Once the dirt is on display, the dirty administrators will either clean up their act or fold up their filthy tents.
Very Crankily Yours,
The New York Crank
Probably never... sigh
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