(This post originally appeared on the author’s blog.)
Do me a favour…spare me the faux-populism and the sudden bouts of outrage, this garbage CDO factory stuff has been very widely known for a long time. When was Zuckerman’s Greatest Trade Ever book published? Last year. When did the New York Times start telling this story? January.
Now you’re angry? Now you’re outraged?
Here’s how it will all end for those unfamiliar with the process:
1. Goldman will hire the best lawyers in the history of the universe, making OJ’s Dream Team look like Ally McBeal.
2. They will make public statements about their “vigorous defence” while negotiating a settlement that will involve a large check and quite possibly the sacrifice of “Fabulous” Fabrice Tourre.
3. Upon the writing of this check, Goldman will admit no wrongdoing and the White House will claim victory.
4. Not one of you will be safer, more employed or in better shape as a result of any of this.
5. The lawyers and PR reps involved in the case will buy Maseratis and vacation homes. Lots of them.
6. Fabrice Tourre will be running his own hedge fund within 3 years.
7. Everyone connected to this case will still have more money in the bank, in real estate and in investments than you could ever dream of.
8. The sun will come up the next day, you will go to work, then pick up your kid at Karate, then pay the utility bill.
That’s it, folks. Let’s not pretend otherwise.
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