Goldman hearings

Reader comment on: Goldman Sachs Before the Senate

Submitted by J.Johnson (United States), Apr 27, 2010 18:54

Today's circus in the U.S. Senate is meaningless. Long term, Goldman's real worry is its very existence and that will be decided primarily in the courts. If they are seriously damaged by litigation, then Blankfein and Goldman's political and market influence are toast. On the other hand, if Goldman can make their legal opponents look as foolish as they made most of the Senators look, then Goldman will survive and probably thrive. At a minimum, Goldman has been completely successful (with the help of an incompetent Commodity Futures Trading Commission) in hiding their manipulation of crude oil prices two years ago. It is certainly arguable that GM and Chrysler would not be owned by the taxpayers if Goldman and its helpers had not driven gasoline prices above $4/gallon and it is not arguable at all that American auto drivers would not have been cheated out of an extra one billion dollars at the gasoline pump had Goldman not manipulated crude oil prices.

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