Stephen Foley: Goldman is small fry among the sharks
Saturday 01 May 2010
US Outlook: Goldman Sachs's defence of its mortgage trading activities – that it was merely a humble market-maker, bringing together buyers and sellers, bulls and bears – survived the mauling on Capitol Hill this week, but when Goldman scalps are eventually claimed, I hope lawmakers don't decide their work is done.
The resignation of Lloyd Blankfein, should he decide to go, might satisfy public anger, but it wouldn't meet any measure of fairness.
To imagine that conflicts of interest and greedy traders are unique to Goldman is ludicrous. In fact, it was a relatively small player in the mortgage trading area. And, unlike some of the "financial supermarkets" such as Citigroup, it had no division originating the toxic loans which poisoned the system or "structured investment vehicles" that hid its exposure for far too long.
It may sound odd to say about a bank as politically and financially powerful as Goldman, but lawmakers still have bigger fish to fry.
- 1 What happens to your body when you give up sugar?
- 2 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 4 Penis size: Study revealing 'what's normal' sends international media into meltdown
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Ayesha Ali death: Mother and her girlfriend found guilty of manslaughter of eight-year-old
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, claims photographer
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...