As news of Morgan Stanley being put under the microscope for similar reasons, Naked Capitalism looks at some criticism of the scrutiny Goldman Sachs has received and why they received this scrutiny in the first place:
Back on Saturday when I promised to write more about Kevin Phillips and his take on the Plunge Protection Team, I had little idea that the PPT would have such a public coming out party so soon.
This morning, according the to Wall Street Journal, Fed Chair Bernanke said “federal regulators, policymakers and private sector groups are already taking steps to address some of the concerns laid bare during the turmoil last year.”
Translation #1: The myth of the free market is debunked.
Translation #2: Investing in the US Stock Market is about as wise as gambling in a rigged casino.