SEC vs. Goldman Sachs

One could only watch in wonder as executives from Goldman Sachs appeared before a Senate committee on Tuesday, April 27, 2010. The shifty, smoke and mirrors doubletalk from Goldman representatives who dodged explaining their role in helping to plunder the national economy was its own testimonial that underscored the urgent need for reform of the financial system.

Inquiring Senators were appropriately outraged and blasted their displeasure regarding Goldman’s wrongdoing. Then the Senate voted to move ahead with financial reform. Democrats stood alone as the vote failed, 57 – 41. Neither the Republican Senators who voted against financial reform nor the Goldman executives who inflicted so much harm on the financial system seemed to have been negatively affected by the manufactured crisis.

Although Goldman executives allegedly conducted their “business” in a way that would get most people fired if not incarcerated, the only discomfort they have thus far endured is trying to explain how committing theft was actually providing a service to their clients. If events go as they often do when powerful financial interests have come to Capitol Hill for their obligatory scolding after yet another instance of corporate malfeasance, Goldman Sachs executives will endure their moment of bad press as the Congress talks itself into a circle of inaction.

Time will pass. A fresh news item will assume priority. Legislation will languish. Money will flow through Congressional corridors to ensure that such legislation finally dies. The American people will once again be left to stand alone in unemployment lines, queue up at food pantries, and find a way of coping as the ranks of teachers, fire personnel, police officers, and others are slashed.

Once more the weary American people will be left to wonder why their government cannot muster the will and courage to shield them from corporate predators that cause so much havoc and are then handsomely rewarded for their actions. Once again, laid off, struggling Americans will wonder why their elected officials seem more disposed to dither about providing some relief to voters while displaying amazing abilities of performance in meeting the needs of big contributors.

So, as Goldman Sachs executives danced their corporate shuffle on Tuesday, April 27, 2010, one couldn’t help being disgusted with this all too familiar scene and the even more familiar likelihood that Wall Street crooks were going to get away with mugging the public, again.

Fred L. Johnson III, Ph.D.