The Essence Of Wall Street's defence: Everyone Else Did It Too!

Judging from Goldman Sachs’ (GS) response to the SEC charges — in which they cite Magnetar’s activities — and Magnetar’s response to ProPublica, we can only conclude that the #1 line on Wall Street is: Everyone else did it too.

That’s basically it.

Whether what everyone else did was illegal or not doesn’t matter, because prosecutors can always find an ex-post facto way to illegalize past activity that appears to be untoward.

So in the end, it’s probably not going to work.

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