The country is in the grip of a great financial crisis. People face record unemployment.Wall Street executives are described as geniuses who are fully worth the exorbitant salaries and bonuses they are paid, but those salaries are coming out of money that should rightfully go to their shareholders.

Goldman Sachs does not appear to have acted as a “market maker” as Lloyd Blankfien keeps claiming, but rather as an underwriter. Underwriters are subject to liability under the Securities Act of 1933 for “material misstatements” , fraud or deceit in the offering of securities for public sale. Uh oh.