Confused about why the SEC sued Goldman Sachs for fraud, and what it means?
Here's about as succinct a summary as I've seen, from the inimitable Michael Lewis:
Just as there was a time when people could smoke on airplanes, or drive drunk without guilt, there was a time when a Wall Street bond trader could work with a short seller to create a bond to fail, trick and bribe the ratings companies into blessing the bond, then sell the bond to a slow-witted German without having to worry if anyone would ever know, or care, what he’d just done.
That just changed.
--Michael Lewis, "Bond Market Will Never Be the Same After Goldman"; Bloomberg (4/22/10)
Brilliant -- and exactly right!
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