First, Senator Tom Coburn had it right, before he lit into Goldman-Sachs CEO Lloyd Blankfein, that 90% of the blame for the great meltdown of 2008 belonged to Congress. That said, I have very little sympathy for Goldman-Sachs executives.
But what scares me most is that the Democrats are attempting to make these big financial firms “Too Big To Fail” by setting up a taxpayer funded permanent TARP. And make no mistake, the CEO of Goldman-Sachs is FOR this bailout bill, even though his company has not lost a dime during this economic downturn.
Cato the Elder used to end his speeches with “Carthago delenda est“…Carthage Must be destroyed. Carthage was Rome’s mortal enemy and the Mediterranean Sea was not big enough for both to exist. Cato knew this and ended his speeches with this phrase.
Right now I feel the same about Goldman-Sachs. There is no way we, as responsible citizens, should allow this unholy alliance of Congress, the Executive Branch and the massive Financial Houses of Wall Street to codify a permanent bailout and risk abatement for the privileged few. It has been the Democrats who have profited the most of all from Wall Street donations (It’s in New York, for Pete’s sake and Obama got a million dollars from Goldman-Sachs for his presidential campaign). The Democrat majority, despite their puffery and feigned outrage, are in bed with Wall Street and not Main Street.
If I were king for a day, I would launch a full blown criminal audit of Goldman-Sachs and send a bunch of the upper management to jail. CEO Blankfein is crying ignorance on all the short trades Goldman was taking with their own money on really bad products and then shilling the same offers to clients to go in long and drive the price up (and profits for Goldman-Sachs), setting the clients up for the kill when the options, which they KNEW were crap (their words, not mine), took the inevitable fall. Either Blankfein is lying or incompetent. Either way he should go.
Time for citizens to make an example of Goldman-Sachs…
“Goldman-Sachs delenda est”…Goldman-Sachs must be destroyed… just to remind Wall Street there is a price to pay when you abuse the people’s trust and taxes.
UPDATE: Also, Goldman-Sachs CEO Lloyd Blankfein managed to do what I thought to be darn near impossible…Make Senator Carl Levin (D-MI) look like one of the few good honest Senators in D.C.
For that sin alone, Mr. Blankfein should be canned, tarred and feathered, then run out on a rail….