Goldman and our scarlet 'G'

NY Post ^ | May 2, 2010 | LEA CARPENTER

[Scanian]

The members of the Senate Permanent Subcommittee on Investigations were angry. Their anger was predictably performative, and often nasty. Sen. Claire McCaskill’s analogy of Goldman Sachs to a bookie managing bets on an MU football game was, while artfully conceived, respectfully dismissed by the quiet bankers testifying before her. The hearings were for the public, yet the extent to which they were in the public interest was undercut by their dramatics, coupled with myriad misunderstandings about the meaning of key financial terms.

The whole thing reminded me of Nathaniel Hawthorne’s nineteenth-century novel, “The Scarlet Letter.” In today’s case the letter is not an A; it’s a G. And while a first reading of our story might conclude that the G stands for Goldman, a more nuanced interpretation finds that it stands for Greed — well beyond the boundary lines of downtown Manhattan.

[R. Scott]

If Goldman — or Lloyd Blankfein — is the Hester Prynne for our times, then who is Arthur Dimmesdale? All of us. All Americans who bought homes they could not afford. All Americans who played the market when risks they took on exceeded risks they could manage (intellectually and financially). Anger against particular bankers is valid, but anger at The Bankers is a reflection of anger at something else: the illusion that it is our right as Americans to always have more, and that if something goes wrong it is not our fault.

Best paragraph in the article.

[ronnie raygun]

There all in it together, this braodway show is a bust.

[bankwalker]

Great post. Thanks!

Here is another great analysis that should be read by all.

[rawcatslyentist]

Uh..... How much did G&S make off the first robbery?

Only the shrinking Foolaide addicted even remotely believe it will change!

This aint even a slap on the wrist. It's just a Pro Wrestling foot stomping slap down. A big show, a lot of noise, and no real damage.