Senators Should Have Apologized For Their Sins Before Lashing Out At Goldman

Finally a journalist has placed the Goldman Sachs’s public flogging yesterday in perspective.

Alain Sherter in his BNET column correctly points out that Congress, including Sen. Carl Levin, chairman of the subcommittee that pummeled Goldman, should have first confessed their sins in the financial crisis that came close to a global meltdown.

It was Congress, including Levin, who urged bankers to permit as many people as possible to own homes and it was Congress that permitted the kind of trading that Goldman was criticised for.

It was Congress that failed to properly supervise Freddie Mac and Fannie Mae – the only financial institutions that have failed to repay taxpayers for their bailouts. Goldman and all others major banks have repaid their debts with interest. AIG still owes and the government is selling its Citi shares.

Now that doesn’t mean that Goldman bankers were angels. But at least they apologized for their part of the mess, now let’s see Carl Levin get off his high horse and apologize for his.

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1 Comment on "Senators Should Have Apologized For Their Sins Before Lashing Out At Goldman"

  1. John Porriello | April 28, 2010 at 8:31 pm |

    Let’s not forget the Senior Senator from Connecticut, Chris Dodd, who has a large share of the blame of the financial meltdown. The only problem with Chris Dodd is that the problems created by him are not his problems they are always someone else’s fault. Senator Dodd is so clueless that he doesn’t even know enough to know the damage that he has created. Has he donated any of the campaign contributions from the firms that have received money from the governement to charity?

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