Is it possible? Are Americans going to see Wall Street bad boys get more than a tap on their greedy little fingers?
Wouldn’t that feel good to see them tar-and-feathered, then paraded down Wall Street in portable jails? Ahhhhh…one can dream. I suppose I’ll be happy if the SEC just nails some of the bigger thieves and institutes some meaningful reform.
Is the SEC Opening the Floodgates?
“Securities-fraud charges related to the subprime debacle have been few and far between until now (plenty of mortgage originators have been indicted, but Wall Street has remained mostly unscathed). By naming the most prestigious firm on Wall Street and a world-famous hedge fund—Paulson & Co.—known for making some of the biggest profits by shorting subprimes, the SEC has signaled that there may be a lot more indictments to come.
And there ought to be. All indications are that, in the late stages of the subprime-mortgage bubble, the kind of alleged fraud identified in the complaint was far more common than is typically acknowledged.”
IN A RELATED STORY:
Arming Goldman With Pistols Against Public: Alice Schroeder
“I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank.
I called Goldman Sachs spokesman Lucas van Praag to ask whether it’s true that Goldman partners feel they need handguns to protect themselves from the angry proletariat. He didn’t call me back. The New York Police Department has told me that “as a preliminary matter” it believes some of the bankers I inquired about do have pistol permits. The NYPD also said it will be a while before it can name names.
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