Wednesday, April 28, 2010

Carl Levin and the Wall Street witchhunt

Let me get this straight. Jimmy Cayne and Dick Fuld are bad people because they lost billions and drove their firms over the cliff. I get this. If you are a Wall Street CEO you are supposed to hedge your bets, take prudent risks, make money and remain solvent.

But now I learn that Lloyd Blankfein is a bad person because he...hedged his bets, took prudent risks, made money and remained solvent. He repaid his TARP money with interest, and the government made a nice profit on the warrants they took on Goldman stock. 

His other crime is "profiting from the financial collapse". If this is a crime, then I guess Cayne, Fuld, Pandit, O'Neal and the rest are heroes because they lost billions during the collapse. I don't want to be rude, but does Carl Levin have even a clue?

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