Muckety mover - Goldman Sachs and Abu Ghraib

By Muckety

April 19, 2010 at 12:15pm
Muckety down

The SEC complaint against Goldman Sachs reminds us of the early investigation into Abu Ghraib.

In both cases, it was the underlings who were first identified as having led major institutions astray.

Privates and sergeants take the rap, while generals collect the stars (or in Wall Street’s case, the bonuses).

Although the SEC has named only a vice president in its civil complaint against Goldman, the press is already focusing on execs and their role in an alleged scheme to bilk investors while enriching the bank and a major client.

Goldman brass is incredibly well connected - to the Obama White House and to preceding administrations. If the top floor escapes scrutiny, then financial regulatory reform will rightly be considered a sham.

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