This all says less about the Times, perhaps, than it does about the way Goldman’s wealth and power stoke over-the-top, wing-flapping hysteria in its defense among some sectors of the financial commentariat.
Check out this blowhard:
“There are people at Goldman Sachs making no money, living at hotels, trying to save the financial world,” said Jes Staley, the head of JPMorgan Chase’s asset management division. “To indict Goldman Sachs for the people helping out Washington is wrong.”
In hotels! Is there no end to the cruelty?! Sob. Sniffle. Thank you, Jes. Now go back and manage some assets in your division.
And of course, Goldman itself is blasé.
Goldman concurs. “We’re proud of our alumni, but frankly, when they work in the public sector, their presence is more of a negative than a positive for us in terms of winning business,” said Lucas Van Praag, a spokesman for Goldman. “There is no mileage for them in giving Goldman Sachs the corporate equivalent of most-favored-nation status.”
Frankly, Lucas, whatever you just said, because, frankly, it has no meaning.
But frankly, as long as we’re being frank, what about this issue:
They also question why Goldman, which with other firms may have helped fuel the financial crisis through the use of exotic securities, has such a strong hand in trying to resolve the problem.
That’s the most uncovered issue of the entire crisis, and it’s stuck inside an interior clause of a single sentence. I’ve written about it before. I’ll write about it again:
Readers need a better understanding of where Goldman fits into the creation of this toxic wasteland that is our global financial system—just as they need a better understanding of where all of Wall Street fits in. We need some accounting and accountability here, a look at the entire mortgage conveyor belt that stretched from Wall Street to Orange County to the Ameriquests of the world and back again. It’s that machine that brought us to this day.
So far, the best examination of this critical issue still belongs to This American Life. That’s a radio show. Who else will step up?