Does Goldman deserve the theatrical roasting it has been subjected to all day? Of course. Will anything come out of it? Not too likely, especially with our president, who made a whirlwind global tour on the Volcker Rule, and now is aggressively backtracking behind the shadow of his teleprompter (or at least until the next Massachussettes emerges, and the next, and the next). Yet in order to keep a fair and balanced perspective on things, it may behoove those watching Carl Levin's sanctimonious monologues to realize that the November 4, 1999 vote on S. 900, better known as the Gramm-Leach-Bliley Act, received Senator Levin's full endorsement. If Goldman is the pure, unadulterated evil it is today, it is so only because of idiotic Senators who were corrupt, or stupid enough, or both, to let GLB pass when it did, and usher in the era of unbridled prop trading/hedge funding by banks with full access to the discount window and taxpayer bailouts.
Any attempt at fixing Goldman must begin with reinstating Glass-Steagal - period. Anything and everything else is smoke and mirrors. Yes it will be painful (for the banks), and yes it will cost massive equity losses due to forced spin offs (for bank shareholders), but it will prevent the next scapegoating circus after the fact. How about we preempt these things from happening for once? That said, we applaud the 8 out of 100 senators who had the foresight to not sell their country's future to the banking cabal.
From Govtrack.us (funny, when it should really be dot com)