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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