Frank Rich: "Those Who Truly Hurt America-Are Laughing Harder Still-All The Way To The Bank"

[kpete]

Op-Ed Columnist
Fight On, Goldman Sachs!

By FRANK RICH
Published: April 24, 2010

MAYBE Lloyd Blankfein was doing “God’s work” after all.

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......... Wall Street’s foul play is a scandal. If this culture remains in place, the whole crisis will have gone to waste.

As a reminder of the unchastened status quo, Blankfein remains the gift that keeps on giving. On Thursday, The Financial Times reported that he had been calling clients to argue that the S.E.C. case against Goldman would ultimately “hurt America.” The opposing point of view was presented by Ira Glass on his radio show “This American Life” this month. With reporters from the nonprofit journalistic organization ProPublica, it told the story of another hedge fund, Magnetar, that gamed the housing bubble. Bankers who worked on Magnetar deals walked away with their huge bonuses well before disaster struck — or, as the program put it, “bankers made money even when they were buying things that eventually blew up the bank.” Not to mention the economy. And it was all legal.

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To award the audience a bonus, “This American Life” concluded with a Broadway song commissioned from a co- author of the satirical musical “Avenue Q.” Titled “Bet Against the American Dream,” it distills a complex financial saga to its essence: Those who shorted the housing market shorted the country.

Go online, listen to it and laugh. But the fact remains that those who truly hurt America are laughing harder still, all the way to the bank.

http://www.nytimes.com/2010/04/25/opinion/25rich.html?ref=global

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1. Recommend

[RandomThoughts]

2. It is not surprising they are laughing. They really believe they are in the right.

They believe it with all that they are.


They are a form of true believer, if they were to question their methods or what they worship, they would have to think on things they can not let themselves think on.

They have to be 'true believers' of their philosophy to do what they do.

It is interesting for sure.