Op-Ed Contributor - Meet the Real Villain of the Financial Crisis. - NYTimes.com
The truth is plain. Modern finance is an opaque mess by design and needs to be cleaned up through smart and optimally real-time regulatory brawn (wishful thinking in DC). Goldman isn't nearly the only one to blame, as ratings agencies and counterparties who failed to assess risk properly certainly share in bringing about the near- collapse of the entire system. Congressional jingoism and bloviation is not going to fix the very real gaps in legislative and regulatory oversight pending in both Houses of Congress. Strong lobbying by the entire financial colossus will likely keep changes to a toothless minimum, sadly, or at worst, will empower overzealous regulators.
http://www.nytimes.com/2010/04/27/opinion/27mclean.html