Friday, April 16, 2010

Goldman Sachs in Disastrous Position; Rampant Fraud on Wall St.

William Black, federal prosecutor during the S&L crisis and associate professor of economics and law at the University of Missouri-Kansas City, was on Bloomberg and Yahoo today commenting on the disastrous situation that Goldman Sachs is in:

He was also on Yahoo Ticker with Barry Ritzhold. This video mentions that corruption on Wall St is rampant. Watch video.

"Ritholtz and Black agree there is strong evidence of wrongdoing and that it's unlikely this was an isolated incident. Wall Street is 'rotten to the core,' Black says. "When [Goldman CEO Lloyd] Blankfein said ‘Goldman's doing God's work,' we didn't know that ‘doing God's work' involved blowing up your own customers."

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