The following is from the blog of David Cohen. It is worth reading to understand better what is happening behind the Oz curtain in the economic world. I have a link to his website Declineoftheempire.com in my link section. 04/28/2010 Beyond Self-Love The blogosphere is abuzz with the spectacle of Congress grilling Goldman Sachs executives. On Wall Street, it's just another day at the office. There are so many delicious ironies here, but one in particular stands out. When Michael Swenson, a managing director for the structured products group at Goldman says "I don't think we did anything wrong," he is referring to current law—the Giant Vampire Squid did not break the law. The exquisite irony here is that the very Congress asking him these "tough" questions is the same Congress that changed the law when they passed the The Commodities Futures Modernization Act of 2000. First, the Act clarifies that certain over–the–counter (‘‘OTC’’) derivatives transactions ar...
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