Yesterday the SEC announced it had compiled a detailed complaint against Goldman Sachs. Shares across the world tumbled.
Today the SEC today voted on whether or not to proceed with the case. The chairman and two democratic commissioners voted for prosecuting Goldman Sachs. The two Republican commissioners, however, voted AGAINST.
Did the Republican commissioners feel that their own investigators did not actually have a case? If so fire the lot for wasting public money. Or did they think that despite good evidence it would still be a case they would ultimately not win because the laws are just not good enough to catch this kind of crime? Or did they think that it would hurt the economy too much to prosecute the bank and so better to let them get away with it?
Whatever their reasons, shares in Goldman Sachs and the banking sector in general rose.
Is anyone out there worried, concerned, vacantly aware even, that it seems not only our political class but also of the powers of law and order are now being suborned by the global financial class?
Our politicians made sure the bankers suffered no financial losses. Now the legal world is wondering if its not expedient that the bankers suffer no legal consequences either.
If Goldman is not prosecuted, not at least forced to face a day in court, then the bankers will know they can lose money and not have to pay up – we will do it for them by order of our politicians, and that they are effectively above the law.
Our Democracy will not be taken from us by outside aggression or rabid terrorists, but it might well be idly dropped from hands to feeble, frightened and stupid to value the ONLY thing which protects our children from the return of ignorance and want.
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