Thursday, June 4, 2009

Surprise! The Man Who Screwed Us At the SEC Is B-A-C-K! Advising Goldman Sachs!!!

I can only report the facts as I know them (so I hope you'll excuse me somewhat). (Yes, I received my training from Joe Friday.) Matt Taibbi whispers sotto voce to the gathering crowd with a straight face that the "Ex-SEC chief" has been "reincarnated as Goldman Sachs policy adviser."

"Arthur Levitt Jr., the former chairman of the Securities and Exchange Commission, will advise the Goldman Sachs Group on public policy issues, the firm announced Tuesday." - The New York Times

Matt wants us to know.
Well, here's something amazing. It's like protocapitalist Buddhism: the endless life-cycle continues. Clinton's SEC chairman, the man who powdered his nose and fondled himself for years and years while companies like Goldman Sachs bilked America with one "" IPO after another, is now going to work for... wait for it... Goldman, Sachs. Nothing like years of hideously ineffectual non-enforcement to attract those lucrative Wall Street job offers!

More to the point, Levitt was one of the key figures who helped usher in the Financial Services Modernization Act (repealing Glass-Steagall) and the Commodity Futures Modernization Act (deregulating derivatives).

Along with Bob Rubin, Larry Summers, and Alan Greenspan, Levitt helped convince Bill Clinton to make two of the most important bad decisions that led to this financial crisis. So it's really a relief to see that he's still around helping to liase between Goldman Sachs and the government.

That portends well for the rest of us, doncha think?

Oh yeah. I can hardly wait to see the next announcement. Suzan ___________

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