Jul 1, 2010

Kevin Duffy on the Goldman Sachs fraud trial

This trial is a diversionary tactic meant to place blame on capitalism and a few bad apples, while hiding the role of government and crony capitalism in creating the economic mess of 2008. The good Goldman is on trial, the company that in 2007 largely avoided the mistakes that sunk many of its competitors. The bad Goldman is not on trial, the company that was in deep trouble in 2008 and was rescued by the Fed and taxpayers thanks to friends in high places.

~ Kevin Duffy, Bearing Asset Management, "Bearing's Daring Duo," Reuters HedgeWorld, May 12, 2010

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