Goldman Sachs does Fraud, says SEC

Goldman SachsThis morning, I received the newsflash, "SEC (Securities and Exchange Commission) Accuses Goldman Sachs of Fraud on Mortgage Deals."

My response was: Investment bank? Fraud? Is that news? Then I thought: Well maybe the news is, that the SEC are the ones doing the accusing? I read the item, "In a civil suit filed Friday, the SEC accused the investment bank of securities fraud over a deal in which Goldman profited from bets against products it sold to customers."

Back up. A civil suit?

If the regulators were doing their jobs, once a week they would line up the paddywagon on Wall Street, fill them up and carry off the crooks to jail. If they took every tenth broker, they would have put a dent into major criminal activity.  Crookedness is in the air, in the bottled water, on Wall Street.

 In this case I should say, I'm sure Goldman Sachs has a side to this, and the SEC accusations are just that: accusations. Until things are sorted out in court, right? Well  -- I could say,  --And Adolph Hitler, because he didn't have his day in court and was never convicted in a court of law, was just allegedly a mass murderer, and the accusations against him are just that accusations, right?

Well the SEC alleges, in a securities fraud suit filed in a civil court this morning that Goldman Sachs "created and sold a mortgage investment that was secretly devised to fail."

Is that cheating its customers? Maybe Goldman Sachs follows the philosophy of that great  American philosopher for Wall Street- and for hustlers everywhere- WC Fields, who said, "Never give a sucker an even break."

The SEC points the finger at Goldman Sachs as an active player in the collapse of the housing market. The housing market collapse has harmed the nation and millions of Americans. The SEC say Goldman itself profited by betting against the very mortgage investments that it sold to its customers. And people think drug dealers are rotten? Well, they are, and so are those who got/get rich from the financial misery of others, right?