This week, McClatchy reporter Greg Gordon produced what, at first blush, looked like a major Goldman Sachs (GS) expose.
The central claim was that Goldman knew that toxic assets were in fact toxic long before the rest of the market, but that they continued packaging them and selling them to customers.
The story actually had some great reporting — really getting some good details about when Goldman started getting nervous about housing. But it flopped in trying to paint Goldman as evil, or potentially criminal.
I continue to hope that real regulatory reform will limit the size and influence of the firm. But this constant search for the next example of Goldman’s evil nature is becoming unhelpful.
Basically, to use a cliche, hating on Goldman has totally jumped the shark.
Actually, it jumped the shark today, when The Today Show got all breathless about the company’s allocation of H1N1 vaccine. But our basic sense is that the company’s image is now rebounding, in part because of the ceaseless banging from critical media.