What does a white-collar, wall street economic terrorist have to do to go to jail?
That is what Goldman Sachs recently did in New York as a means of settling their Legacy Matters related to the 2008 economic collapse that they have now admitted to being at least partially responsible for.
Usually when a person confesses to a crime, they still go to jail, they still face a righteous punishment. Maybe instead of the death penalty they serve life in prison. The deal that Goldman Sachs cut with the working group headed by the New York Attorney General, is very Manhattan, a lot of bluster for the sake of appearances that stinks like garbage when brought into the sun.
What good is restitution without a righteous penalty? What is the value of a fine to people with unlimited money and unlimited capacity to get free money from the US government?
A penalty isn’t a penalty if it doesn’t hurt the person or party being penalized.
Fining Goldman Sachs five billion dollars is like fining the ocean enough water to run a water park for a summer. Not only is it less than a minimal but its a pretty salty reward that cant quench anybody’s thirst.
In the developed world money equals power. The purpose of news is to inform the common person about what those in power are doing. The event of the 2008 economic collapse and the ripple effects in the aftermath of it effect more people directly than any presidential election in modern times
Yet how much coverage did the announcement of this multi billion dollar settlement get compared to any aspect of the presidential primary or anything Donald Trump has said in the last year?
Most people would agree that it does. On Wall Street that means a whole different thing. Then again what doesn’t? The announced five billion dollar settlement by Goldman Sachs sums up their legacy and the legacy of the 2008 economic collapse quite well.
Smoke screens, legalese, under the table deals, double talk, fine print, more mystery than truth, more PR than pure.That is the legacy of the 2008 economic collapse and the Great Recession that followed it.
That is the legacy that matters to Goldman Sachs, and the royal we of Wall Street. The legacy matters of the too big to fail institutions on Wall Street are nothing more than numbers on a spreadsheet…just like everything and everyone else in the world.
On Wall Street, legacy matters are things you put behind with shame. In the rest of the world, it’s something you leave behind with pride.