Rolling Stone | RS_News | August 15 2012
OPINION ~ I’ve been on deadline in the past week or so, so I haven’t had a chance to weigh in on Eric Holder’s predictable decision to not pursue criminal charges against Goldman Sachs for any of the activities in the report prepared by Senators Carl Levin and Tom Coburn two years ago.
Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report - the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.
In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully “aligned” with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal.
If that isn’t fraud, Mr. Holder, just what exactly is fraud?
Still, it wasn’t surprising that Holder didn’t pursue criminal charges against Goldman. And that’s not just because Holder has repeatedly proven himself to be a spineless bureaucrat and obsequious political creature masquerading as a cop, and not just because rumors continue to circulate that the Obama administration – supposedly in the interests of staving off market panic – made a conscious decision sometime in early 2009 to give all of Wall Street a pass on pre-crisis offenses.
No, the real reason this wasn’t surprising is that Holder’s decision followed a general pattern that has been coming into focus for years in American law enforcement. Our prosecutors and regulators have basically admitted now that they only go after the most obvious and easily prosecutable cases.
Have you heard about the earthquake that has shaken Wall Street to its very core? Well, brace yourself, for this really is a shocker: Bonus payments are down.
Yes, the exorbitant bonus checks pocketed each year by the Goldman Sachers, Citigropers and other financial tinkerers have been cut by about 25 percent this year, and — oh! — you should hear the Wall Streeters moaning the hard-times, down-and-out banker blues.
Goldman Sachs Corporation is facing a new wave of charges of not looking out for the interests of its clients this week, as one corporate vice president published a resignation March 14 
FOCUS | Goldman Sachs Group Inc. saw $2.15 billion of its market value wiped out after an employee assailed Chief Executive Officer Lloyd C. Blankfein’s management and the firm’s treatment of clients, sparking debate across Wall Street.
Welcome to the revolution. Our elites have exposed their hand. They have nothing to offer. They can destroy but they cannot build. They can repress but they cannot lead. They can steal but they cannot share. They can talk but they cannot speak. They are as dead and useless to us as the water-soaked books, tents, sleeping bags, suitcases, food boxes and clothes that were tossed by sanitation workers Tuesday morning into garbage trucks in New York City. They have no ideas, no plans and no vision for the future.
