What’s the difference between Barry Bonds and Goldman Sachs executives? The later was fortunate enough to be questioned by incompetent lawmakers while Bonds ended up in a courthouse with an actual jury and prosecutors.
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“The Goldman guys may have worse batting average than Barry Bonds but they were better educated by their lawyers about they should shouldn’t say. They also had the benefit of being questioned by incompetent people who had no idea about the financial nomenclature at the heart of their allegations,” Singer says.
For more on why and how Wall Street has avoided criminal charges and jail time check out today’s story in the New York Times about how regulators have, in some cases, willingly protected banks and their executives.
Of course, Matt Taibbi’s Why Isn’t Wall Street In Jail? is also a must-read.