TAKING THEIR TIME, SAYING LITTLE

I didn't watch all of the Senate Cmte. hearing hours today with the Goldman Sachs crew, but it certainly sounds to me like Hank Paulson surely was a fox in the chicken coup.



And contrary to their acclamations, they were in it to surely enrich themselves and not their clients.



Just as restoring Glass-Steagall to separate investment banking from commercial banking is imperative, there needs to be regulation separating investment firms into long position marketers of financial products, and the firms marketing the opposite position. Otherwise we will continue having firms playing both ends against the middle as they were doing in the housing derivatives concoctions.



The ordinary Joe/Jane investor gets crunched. And the economy wide repercussions can no longer be denied --- let the Enronesque charades end.





graysmoke