The Comedy of Goldman's Drama

The Comedy of Goldman's Drama

Yesterday the show went on as scheduled. "Cable networks like CNBC and C-Span provided live beginning-to-end coverage of the Senate hearing, held by the Permanent Subcommittee on Investigations. But those testifying stuck close to their scripts, and speakers on both sides seemed to talk past one another, making for low drama."

Who expected more? The executives of the Wall Street giant Goldman Sachs are well-trained, well-schooled, and quite able to work both sides of the table. For years Goldmans execs have done that: In the government to look after the firm -- On the street to look after themselves. The defense of their conduct boils down to...

So? We expected the pols to really put on a show of indignation. They have a job to defend the rubes' notion that the pols are looking out. And so they railed about the financial crisis! Senators on both sides of the aisle accused Goldman of crimes -- high crimes and misdemeanors. Everybody knows that the most American heat the investment firm is facing is an SEC civil suit and a series of law suits from disgruntled chumps. The Goldman fellas didn't break a sweat or lose their cool. And old Senator Levin had his show repeating a couple of swear words that set the wags talking, giggling and buzzing. As for changing Wall Street, the hearing was a yawn. But America expected a yawn.