Goldman Sachs escapes unscathed — were criminal charges in order?
Ben White, Morning Money and economy reporter for Politico, and Joe Weisenthal, deputy editor of Business Insider, sit down with “Viewpoint” host Eliot Spitzer to analyze news that the Justice Department and the Securities and Exchange Commission have concluded their investigations into mortgage deals at Goldman Sachs. Neither agency plans to take further action.
Spitzer challenges White and Weisenthal over their view that Goldman Sachs should not face criminal charges.
“It’s not a surprise to anybody that the Justice Department said, ‘We’re not going to bring [a criminal case] against Goldman Sachs,’” White argues. “I mean, look at the history of these criminal cases against large organizations — Arthur Andersen being the classic example. I mean, do you really want to bring Goldman Sachs to its knees, put everybody out of work and maybe destroy this firm just because some people, some smart investors bought these things and took a bath on them? I don’t think so.”
Spitzer disagrees: “I think at some point you do bring a criminal case, you do drive a bank out, if it in fact has committed these acts. Otherwise there will never be remedies that are sufficient unto the violations — morally, ethically and criminally — that they have committed.”