Unethical Prosecutor, Dan Satterberg, Excuses Police Misconduct
Judge Refuses to Confirm Sham Bank of America-SEC Settlement

Bernie Madoff and Goldman Sachs

When Bernie Madoff made market gains that left everyone scratching their heads, people called the SEC.  The SEC wasn't too interested.  We all know how that ended.  Investors lost everything.  

None of the crooks, liars, and bozos from the SEC lost anything.  Instead, SEC insiders signalled to Wall Street: "Relax, guys.  We still want consulting and speaking fees; and jobs, too!  You can count on us, if we can count on you to keep greasing the revolving door."

Considering Bernie Madoff's fall, how should we view Goldman Sachs' recent gains?  Bloomberg's Christine Harper reports:

Goldman Sachs Group Inc. made more than $100 million in trading revenue on a record 46 separate days during the second quarter, or 71 percent of the time, breaking the previous high of 34 days in the prior three months. 

Trading losses occurred on two days during the months of April, May and June, down from eight in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission. The company made at least $50 million on 58 of the 65 trading days during the quarter, or 89 percent of the time.

No one can explain these profits.  No other firm is making such gains.  Although Goldman is a publicly traded company, only Goldman insiders know how Goldman makes its money. 

As with Bernie Madoff, we must take it on faith that Goldman is honest and ethical.  Goldman Sachs, like Bernie Madoff, wouldn't cheat anyone out of a dime - or even a fraction of a penny, ala Superman 3.  There is no need for the SEC to waste Goldman's time. 

Joseph Facciponti and the Department of Justice arrested a man, 48-hours after Goldman called them (does Goldman Sachs have a "bat phone"?) to report that an employee might have stolen some computer code.  Facciponti commited fraud on the court to do Goldman's bidding.  After intense media attention, Goldman Sachs told Facciponti to make the Aleynikov prosecution go away; Facciponti complied.

Unlike Bernie Madoff, Goldman Sachs will never be punished.  They are too mobbed up.  Goldman's investment in public officials is paying off.

Worst of all: We are involuntarily subsidizing this criminal enterprise.