Here are a few reader comments on the subject of those Goldman hearings.
1. 'We may have sold this sh*t, Senators, but YOU created it by using Fannie Mae and Freddie Mac to force banks, in compliance with the Community Reinvestment Act, to set aside money for 'poor' people to become homeowners. This paper was then repackaged for us to re-sell - on the basis of an explicit promise that the US taxpayer would make up any loss. And now you are 'shocked to find that gambling was going on here' ? Well, Senators, it was you who opened the casino, you who staked the gamblers, and you who are responsible for the losses!'.
2. 'Senators were wrong to think that Goldman's role is that of a 'trusted advisor'. The firm was neither the regulator, nor the referee - Goldman was just another player in the game'.
3. 'The only thing more vast than Senator Levin's lack of industry knowledge was the amount of time it took for him to fully explore that void'.
4. 'Why blame the smartest guys in the room for making money on the backs of the stupidest ?'