Wall Street & Technology: Blog

In a riveting article in its July 9-23 issue, "Goldman Sachs: The Great American Bubble Machine," Rolling Stone describes the investment bank as a "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."

“Liar’s Poker” author Michael Lewis hasn’t been a popular guy on Wall Street since he wrote the book 25 years ago. Since then, he has written about finance many times and he is working on a new book about the current financial crisis. Although the banks have been scared and many have been shaken to their foundations, Lewis contends that there may be more upheavals to come. He is also shocked that the Treasury, the SEC and other agencies haven’t really begun to investigate what happened in the subprime mess. He says that when he has interviewed numerous executives from financial institutions, such as AIG’s Financial Products division, they tell him that no one from a regulator has come to try to find out exactly what happened. That fact alone, is simply astonishing.

Prosecutors want convicted fraudster Bernard Madoff to receive the maximum sentence allowed by law which is 150 years in prison. Meanwhile his lawyers are asking for a mere 12 years. It’s not as if Madoff has been a cooperative fraudster. After all he hasn’t given investigators many details of his scheme or told of who else knew about the massive fraud.

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