John Kenneth Galbraith — the Harvard econ prof who sailed with the Kennedys, coined phrases (e.g., "conventional wisdom"), and adored big words — looked back at The Great Crash 1929 (1954) a quarter-century later and found much frenzy to marvel at and folly to lament.
One of his chapters he titled "In Goldman, Sachs We
Blawgletter's favorite Bloomberg columnist, Jonathan Weil, today takes keyboard in hand to tell us why the Securities and Exchange Commission just sued Goldman Sachs for civil fraud – "Goldman Serves One Master Better Than the Others". He teases with this:
Who knew the folks at the SEC still had it in them to accuse
This has nothing to do with AIG. Or does it?
The Special Investigator General for the Troubled Asset Relief Program issued an audit report last week. The paper — "Factors Affecting Efforts to Limit Payments to AIG Counterparties" — goes 47 pages to explain why the Federal Reserve and its good friend the Treasury threw