If this doesn't wake people up to the need for financial reform, I have no idea what else possibly could.
Goldman Sachs is the most powerful investment bank in the United States and it is very likely that they will be convicted of fraud (something that people have been saying for a while now). Think about that. Our main investment bank is a fraud.
And this news comes after a week of many other well-reported stories on financial fraud. Last weekend, NPR's Planet Money and This American Life (along with ProPublica) exposed the dark inner-workings of a Chicago hedge fund. Then the NY Times on Tuesday reported that Lehman Brothers (whose bankruptcy - which was the largest ever - ignited the banking crisis and the current economic mess we are in) used a secret company to channel their enormous risks associated with their mortgage-backed securities.
Our financial system in this country is broken. Reform is desperately needed in order to keep our economy going in the long-term and to avoid another Great Depression or Big Bank Bailout. I have no idea why the "Tea-Partiers" do not grasp this idea.
I hope to write more on this issue in the coming week as it will be (finally) front-and-center in the media world.
In the meantime, I highly recommend watching this and reading this.