There is no Lex Luther

An editorial said the panel’s assault obscures some of the complexities of the crisis. “The broader implication raised by senators at Tuesday’s hearing — that Goldman somehow rigged the market in subprime mortgages, and that this led to the meltdown — does not strike us as a terribly useful or even accurate analysis of the crisis.”

No, but they were one of the riggers. How do you make bucketloads of cash, if you can’t exploit a weakness, knowledge gap, or bubble. It’s all about information — who has it, and the suckers that don’t.

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