It's not what they say they're doing, it's what they actually do.
Goldman Sachs, the Wall Street powerhouse, was accused of securities fraud in a civil lawsuit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly intended to fail...
...The suit also named Fabrice Tourre, a vice president at Goldman who helped create and sell the investment.
In a statement, Goldman called the commission’s accusations “completely unfounded in law and fact” and said it would “vigorously contest them and defend the firm and its reputation.”
Note, Goldman's Godly Lloyd C. Blankfein, who views it as his moral duty to steal, is nowhere listed. It goes without saying Barry O.'s pal Jamie at Chase is untouched. It's civil fraud only they're accused of, the real moneymakers are not targeted, and increasingly, despite all its declared thunder, as with single payer health care reform, the White House is busy taking all the teeth out in the name of "bipartisanship".
...The Obama administration is telling Senate Democrats to ditch a measure in their financial reform bill that would create a $50 billion liquidation fund by assessing a fee on big financial institutions. The fund is intended to be used to cover the cost of winding down large firms, when they fail. According to the Associated Press, the administration would like the financial industry to cover the cost of liquidation after an institution has been dismantled...
Whether Tourre is a fall guy or a scapegoat or a trojan horse for another policy shift remains to be seen.
One thing seems pretty certain: the vampire squid is not going to let go of its prey without killing it. [thanks and a tip o'teh tinfoil to Lambert again]