(Community Matters) 
Eisenhower worried about the power of the growing military-industrial complex. Fears from those quarters notwithstanding, the biggest threat to good government and free markets is the unbridled power of the financial services industry. Prior to the 2008 meltdown, it had grown into the largest private sector of our economy (20 – 21%), accounting for a ridiculous percentage of US corporate profits and sucking up too many of our country’s best & brightest university graduates.
Under two previous administrations, the SEC determined that Stanford CD returns were highly unlikely. Pres. Obama is trying to strengthen regulatory oversight, yet today all Senate Republicans and some Senate Democrats are caving to billions in lobbying & campaign contributions to stop &/0r weaken reform – admittedly, what’s proposed is imperfect but an important start.
Bill Moyers Essay: The Financial Lobby Owns Washington
As to Goldman Sach’s indictment – it’ll serve us all well to investigate the specific charges. Tough-minded prosecutors (if there really are some now at the SEC) should be able to extract immunity confessions as to intents and knowledge of the firm.
Community Matters 