Politics Political Articles

Allegations of fraud brought last week by the Securities and Exchange Commission is a shocking departure from the culture of collusion among the U.S. government and the nation’s top banks. That despite the position of this publication and myriad others broadly categorized as “fringe” who have consistently and vociferously objected to the two or more standards applied to organizations and individuals by a corrupt legal system.

Throughout the 200 year-or-so history of linked financial markets, the name of J.P. Morgan has almost always been dominant. Goldman Sachs, though newer in terms of participatory history, has quickly risen to join J.P. Morgan at the forefront of the only industry that credibly dictates to government.

To many, the scandal surrounding Goldman Sachs apparent rigging of the craps tables in the house’s favour comes as no surprise.

Read more: Goldman Vs SEC

Mr. Angelides pressed Mr. Blankfein about selling securities tied to subprime mortgages while at the same time betting against them. Mr. Blankfein said he “really needs to explain this because the press swirling around this. Because the firm was accumulating positions, “we have to go out ourselves and source the other side of the transaction,� he said. He said there was no simultaneous selling of securities and then betting against them.

Read more: Lloyd Blankfein Testifies