The Market Has Spoken

Saw this over at BooMan, and didn't think it was that big a deal. And when I started reading the article, I felt that way even more strongly. For one thing, the SEC's suit against Goldman Sachs is civil, not criminal. It's just window dressing in advance of the financial reform bill, I said to myself, and won't really mean much in the end.

Then I got to the punch line.

In the half-hour after the suit was announced, Goldman Sachs’s stock fell by more than 10 percent.

A 10 percent drop in 30 minutes??? The jig is well and truly up, boys. Pick your favorite metaphor: rats fleeing a sinking ship, gangsters trying to get out the back door while the cops raid the speakeasy, whatever.

Even if Goldman successfully ducks the court case, their run as Wall Street fraudsters-in-chief is done.

I wonder who will rise up in their place?

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