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Some good, well informed common sense from Barry Ritholtz regarding the SEC case against GS:
http://www.ritholtz.com/blog/2010/04...-know-gs-case/
You know I was reading about Blankfein's rantings today - what he's been saying to clients about the case - and it really struck me that their smarter-than-thou persona was an extremely brittle shell. I think it's been shattered.
I'm going to go way out on a limb and say that we've entered a realm where a new dynamic takes hold: the banksters have left the starting gate on a slippery slope to becoming a huge political liability. The payoffs are good in normal times but, once the revulsion arrives, you're political poison no matter how thick your wallet. (You didn't expect loyalty did you Mr Blankfein?)
I have no idea how this plays out in political party terms but I welcome it.
http://www.ritholtz.com/blog/2010/04...-know-gs-case/
You know I was reading about Blankfein's rantings today - what he's been saying to clients about the case - and it really struck me that their smarter-than-thou persona was an extremely brittle shell. I think it's been shattered.
I'm going to go way out on a limb and say that we've entered a realm where a new dynamic takes hold: the banksters have left the starting gate on a slippery slope to becoming a huge political liability. The payoffs are good in normal times but, once the revulsion arrives, you're political poison no matter how thick your wallet. (You didn't expect loyalty did you Mr Blankfein?)
I have no idea how this plays out in political party terms but I welcome it.
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