To my mind, there is nothing of interest to add to all of the news regarding Goldman this week. Everyone has obviously hunkered down and are working the press to their advantage. I have included some interesting links here. I like these since they try to get at the heart of what the case is about-right or wrong.
I am very bored with this domestic story. The Senators care about re-election and Goldman wants to preserve its bottom line by explaining that the American public just cannot wrap their collective mind around what a market-maker does. It is all so simple. I only wish we were all as smart as those Goldman guys.
Sadly, this system is still broke(n) and there is no regulation that can fix it. We need to learn from this whole financial crisis thing…really learn something. We need to continue to have ‘populist’ outrage and get some changes made. And we need to change ourselves too. Goldman is not the baddie that made so many people borrow too much and believe that trees grow to the sky. Greed is bad. Regulation cannot correct that. It might however, be able to prevent firms from benefiting from our desire for more, more, more.
Rwanda has an election this year. Angola is meant to open a bourse before 2011. Tanzania has naturalised over 150,000 Burundi refugees. All equally as interesting as Goldman if not more so and I turn my focus to Africa—that is, unless something really cool happens in the case then I am all about domestic securities regulation and enforcement!