Keeping Goldman Accountable

Now that Goldman Sachs is accused of fraud and its head, Lloyd Blankfein, is to testify Tuesday before Congress, journalists need to keep up their hard-hitting investigative reporting. We still don’t know all the details.  Exactly how much money did Goldman make by shorting the same mortgage packages they were encouraging clients to buy? How much double dealing like this was going on? News media need to keep up the pressure, so Congress and the public don’t lose interest. There is always the danger that the passage of time, the complexity of the subject, the power of lobbyists, the short attention span of editors and the temptation for politicians to think only about the next election might all combine to let Goldman off the hook, derail substantive Wall Street reform, and leave us once again vulnerable to another economic collapse. After the 1929 crash and depression, Congress enacted real reforms and we need that kind of action now.

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