22 September 2008

Laughing All The Way To The Bank

Recently in Gotham City... er, I mean America:

There were five investment banks at the beginning of the year, but Bear Stearns was bought by commercial bank J.P. Morgan in the spring, Lehman Brothers has gone bankrupt, Merrill Lynch is being acquired by Bank of America, and now Goldman Sachs and Morgan Stanley are becoming commercial banks.

A good interim solution, that, making a couple of new banks. Of course, Goldman Sachs and Morgan Stanley have recently settled for billions in multiple court cases. You guessed it: illegal activities, regulatory violations, and fraud.

Among the folks who have sued/prosecuted them in the last four years alone: The New York Stock Exchange, FINRA, the SEC (yes, that SEC, the most toothless, complicit federal agency in the whole stinking deck), and, of course, former Attorney General of New York, Elliot Spitzer (that guy who likes to have sex with prostitutes). Good thing we got rid of that guy, Spitzer. He was teaching the kids bad things.

All those prosecutions, by the way, were successful. A jealous Lex Luthor could not be reached for comment.

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