Jeff Connaughton has authored a powerful, and chilling insider’s perspective on the financial crisis and the pathetic governmental response to it. The second part of his title sums up the result and the first half explains why Wall Street always wins. Many, perhaps most Americans are likely to agree with both parts of Connaughton’s title so this book will not transform the public’s view of the issues. The public largely has this set of issues correct. Connaughton gives the readers unique access to the facts because he had a front row seat to many of the key discussions and he has the analytical abilities and expertise to explain the significance of those facts.

Perhaps we should begin with an offering from Goldman Sachs he covered closely, the Abacus deal, for which Goldman was fined. Mr. Cohan, please explain whether you believe Goldman was guilty of unethical or illegal activity in the sale of Abacus. Ultimately, I hope we get your views on why there have been no convictions, and why.

No one at MF Global is charged with any crime. Sloppy bookkeeping. The customer money marched out the door. If you park your money on Wall Street, you’re a sucker.