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October 27, 2014

Will the Law Finally Catch Up to Goldman Sachs?

Remarkably, Goldman Sachs, one of the richest, most powerful, politically connected (aka Government Sachs) too-big-to-fail Wall Street banks, has demonstrated a Teflon-like ability to bounce back from egregious misdeeds, if not outright illegal conduct, and horrible publicity. From Matt Taibbi’s Rolling Stone classic “great vampire squid wrapped around the face of humanity” to Sen. Carl Levin’s expose of Goldman’s infamous Abacus derivatives rip off, for which Goldman paid the SEC a record $550 million to settle (without, of course, admitting any wrongdoing), not to mention the massive government bailouts that kept it from collapsing (oh, and the billions of dollars in AIG’s bailout funneled through the backdoor to Goldman as well), Goldman has appeared to be on the ropes, only to end up back on top again, seemingly unscathed, welcomed again with open arms in all the rich, powerful, connected industry, media, political, charitable and social circles.

But, a pending lawsuit in London against Goldman might just change that.


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