The congressional hearings investigating the role of Goldman Sachs in the financial
meltdown beginning in 2007 has exposed a sewer inhabited by some of the most
sophisticated, ruthless thieves to inhabit any profession. The star performer in the firm was an egomaniac Fabrice Toure who designated himself "Fabulous Fab". His forte, of which he boasted openly and in written communications, was designing useless, worthless financial products which, in his own words, he sold to widows and orphans, pension fund managers, and the like. The products were designed to fail and he profited therefrom by selling them short at the same time he was selling them long to clients. While pillaging the "ordinary" people he made a huge amount of profit for the firm and fattened his obscene bonuses. It tells the entire sordid truth about the sleazy, thieving ways of Wall Street and the large banks that Fabulous Fab was idolized, held up as a model for other snake oil sales people who aided and abetted, such as the rating services, and professional hedge fund managers.
Congress, urged on by Obama, is considering legislation to reign in the most egregious risky and dishonest practices in the securities industry, including
provisions to protect consumers. That the Republican senators are in opposition is a violation of their oath of office and of their obligation to protect the public who elected them. If there are features in the proposed legislation which they honestly believed could be improved, let them propose, not simply oppose! The goal should be that never again should greed, arrogance, and deception be the modus operandi of our financial industry.
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