(the spelling was intentional, BTW)
Why not just run on shutting Goldman down. There is plenty of evidence that they are merely a criminal enterprise. This firm purposefully sold instruments that they knew would fail, and bought insurance on the their failing.
They abused their inside position with Government to have their competitors destroyed (Lehman) while they were made whole on the meltdown (AIG). This company, and the politician and government officials connected to them, should be shut down and/or thrown out of office.
But when pressed, Blankfein conceded that the same firm that hoarded all this cash, that had all these hedges and guarantees to protect itself from AIG failing, didn’t think twice about taking its full share of the money AIG owed it—100 cents on the dollar—once Paulson & Co. decided to bail out the insurer on the U.S. taxpayer’s dime.
This is why people hate Wall Street, and why increasingly, Wall Street isn’t too crazy about Blankfein. Back at Goldman, senior executives are growing increasingly agitated by the CEO’s inability to reverse public opinion, as well as his poor performance during the hearings. I am told that many senior executives want a better public face, someone in the image of its former chairman, the stately John Whitehead, who retired from the firm in 1984 and went on to serve in government.
That doesn’t mean Blankfein is about to get fired, but the first chinks in his armor have been made. There is a growing realization inside Goldman that Blankfein may be a good CEO—he was smart enough to hedge the firm’s bets on toxic mortgage bonds by shorting the real-estate debt back in 2007, even as he sold those securities to investors, meaning the firm (as it screwed its customers) made a few bucks to cover its losses—but he can’t seem to make the sale that he and the executives inside his firm are really good guys, no matter how hard he’s been trying of late.
I’ll bet a candidate could go far calling for the removal of all Goldman graduates from all Government positions. Please don’t tell me they we will lose their super-talented brains. A) They’re crooks, and b) there are 1000s of people who aren’t crooks who could take their place.