More on government-Goldman collusion during the crisis, this time from the New York Times. It’s a bombshell.
All those pesky ethics regulations were of course, waived.
[Goldman] absolutely could have gone down if there hadn’t been an intervention, and Paulson knew it.
Paulson of course is an ex-CEO of Goldman.
Only Goldman Sachs did not have an official role at these proceedings.
So what made Goldman special?
This is a good question, I think.
The real issue here is that this is yet another sign of how much standards have shifted. One of the curbs on behavior, believe it or not, was having a sense of propriety. Even though Treasury secretaries often came from the financial services industry, they were supposed not to try to look too close to it.
Imagine. There were times when financial leaders and government officials actually took ethical questions into consideration. How quaint.