ianstone
04-29-2010, 08:24 AM
Wall Street Splash
http://sl.sky.com/ver1.0/Content/images/store/4/5/44ceca6b-46e2-48d6-a5d4-03ce38c70f8b.Full.jpg
‘Sachs of S#!t’ runs the headline in today’s New York Post.
That pretty much sums up the American public’s view of Wall Street at the moment.
Eleven hours of hearings on Capitol Hill certainly didn’t do the reputation of the most successful investment bank in history many favours.
Goldman Sachs denied wrong-doing there and denies the allegation contained in a charge from the financial watchdog.
But the exasperation from the Senators doing the grilling was clear.
It was also clear that they believed they were speaking on behalf of the American tax-payer who has lost out in the financial crisis.
Some of the language from the panel, especially gruff chairman Carl Levin reading from Goldman’s own emails, certainly livened things up.
But if any ‘real’ American did listen to the to-ing and fro-ing, the jargon and the acronyms, the frustrated staccato exchanges, what would they have learned?
The detail of the transaction that take place on Wall Street are baffling to anyone outside.
Even senators who have spent 18 months investigating the matter struggled to land a meaningful sound bite.
But the public might wonder why the Senate is struggling to get moving on legislation to crack down on Wall Street.
Twice in two days a minority in the Senate has blocked the debate even starting.
There are differences, largely along party lines, about what is contained in the legislation, supported by Barack Obama.
Politicians must know the people who put them in power are running out of patience.
There are a lot of pigs around the trough
http://sl.sky.com/ver1.0/Content/images/store/4/5/44ceca6b-46e2-48d6-a5d4-03ce38c70f8b.Full.jpg
‘Sachs of S#!t’ runs the headline in today’s New York Post.
That pretty much sums up the American public’s view of Wall Street at the moment.
Eleven hours of hearings on Capitol Hill certainly didn’t do the reputation of the most successful investment bank in history many favours.
Goldman Sachs denied wrong-doing there and denies the allegation contained in a charge from the financial watchdog.
But the exasperation from the Senators doing the grilling was clear.
It was also clear that they believed they were speaking on behalf of the American tax-payer who has lost out in the financial crisis.
Some of the language from the panel, especially gruff chairman Carl Levin reading from Goldman’s own emails, certainly livened things up.
But if any ‘real’ American did listen to the to-ing and fro-ing, the jargon and the acronyms, the frustrated staccato exchanges, what would they have learned?
The detail of the transaction that take place on Wall Street are baffling to anyone outside.
Even senators who have spent 18 months investigating the matter struggled to land a meaningful sound bite.
But the public might wonder why the Senate is struggling to get moving on legislation to crack down on Wall Street.
Twice in two days a minority in the Senate has blocked the debate even starting.
There are differences, largely along party lines, about what is contained in the legislation, supported by Barack Obama.
Politicians must know the people who put them in power are running out of patience.
There are a lot of pigs around the trough