Goldman Sachs is facing an SEC lawsuit that names a prominent London-based banker. The British Prime Minister said today he too wants to examine their "moral bankruptcy." They responded by giving their
staff bonuses equivalent to those of 2007.
Such breathtaking arrogance should really not be a surprise by now. But it's just so wildly tone deaf on every front. Firstly, we presume that 'Fabulous' Fabrice Tourre — the Vice President named in the SEC lawsuit — is included in the bonus pool. After presiding over the alleged securities fraud in New York he moved to the London office.
Secondly British Prime Minister Gordon Brown told the BBC's Andrew Marr today he wanted a special investigation into those SEC allegations. He said he's asked Britain's Financial Services Authority to work with their US counterparts.
The German government followed suit. A spokesman for Chancellor Angela Merkel said the German government "will ask the SEC for information. Then we will look at the records and consider possible legal steps."
It's clear that Goldman, with some justification, think themselves bulletproof — making money is, after all, God's work. But this is so brazen it borders on satire.